Prologis, Inc. (NYSE: PLD), a San Francisco, CA-based global leader in logistics real estate, acquired Liberty Property Trust (NYSE: LPT), a Malvern, Pennsylvania-based commercial real estate company, for approximately $12.6 billion.
The deal deepens Prologis’ presence in target markets such as Lehigh Valley, Chicago, Houston, Central PA, New Jersey and Southern California.
The acquisition on an owned and managed basis comprises:
– 107 million square foot logistics operating portfolio; 87 percent overlap with key markets
– 5.1 million square feet of logistics development in progress
– 1,684 acres of land for future logistics development with build-out potential of 19.7 million square feet
– 4.9 million square foot office operating and development portfolio
Led by chairman and CEO Hamid R. Moghadam, Prologis is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of September 30, 2019, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 797 million square feet (74 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 5,100 customers principally across two major categories: business-to-business and retail/online fulfillment.
Led by Bill Hankowsky, chairman and chief executive officer, Liberty Property Trust is a leader in commercial real estate, serving customers in the United States and United Kingdom, through the development, acquisition, ownership and management of superior logistics, warehouse, manufacturing, and R&D facilities in key markets.
FinSMEs
28/10/2019