Great deal among real estate giants of logistics
Prologis to buy Liberty Property Trust in a 12.6 billion USD transaction
Prologis Inc agreed to acquire rival industrial real-estate business Liberty Property Trust in a 12.6 billion USD deal that is expected to close in the first quarter of 2020.
The real estate giant of logistics – among its customers are Amazon, Walmart and FedEx - plans to sell 3.5 billion USD worth of assets, including 2.8 billion USD of non-strategic logistics properties and 700 million USD of office properties.
The buyer said the all-stock deal including the assumption of debt would deepen its presence in U.S. markets of Pennsylvania’s Lehigh Valley, Chicago, Houston, New Jersey and Southern California.
“Liberty’s logistics assets are highly complementary to our U.S. portfolio; this acquisition increases our holdings and growth potential in key markets” Prologis Chairman and CEO Hamid Moghadam said.
“The joining of our two platforms when industrial logistics has become so pivotal to the new economy will push the industry’s ability to support the nation’s supply chain” Liberty Chairman and CEO Bill Hankowsky commented.