October 28, 2019
San Francisco-based Prologis, Inc. is acquiring Wayne, PA-based Liberty Property Trust in an all-stock transaction valued at roughly $12.6 billion, including the assumption of debt. The boards of both companies have each unanimously approved the transaction.
Prologis’ Hamid R. Moghadam says, “Liberty’s logistics assets are highly complementary to our U.S. portfolio and this acquisition increases our holdings and growth potential in several key markets. The strategic fit between the portfolios allows us to capture immediate cost and long-term revenue synergies.’
The transaction deepens Prologis’ presence in target markets such as Lehigh Valley, Chicago, Houston, Central PA, New Jersey and Southern California. The acquisition encompasses:
– a 107 million-square-foot logistics operating portfolio;
– 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
BofA Securities and Morgan Stanley are acting as financial advisors and Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Prologis. Goldman Sachs and Citigroup are acting as financial advisors and Morgan, Lewis and Bockius LLP is serving as legal advisor to Liberty.
*Pictured 855 W. Valley Blvd., Rialto, CA
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