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Prologis Completes Acquisition of Duke Realty Corporation

10/04/22

Prologis Inc has completed its all-stock acquisition of Duke Realty Corporation following approval by the shareholders of Prologis and Duke Realty. Valued at approximately $23 bil, including the assumption of debt, the completed transaction expands Prologis' presence in key U.S. markets.

"In addition to the day-one accretion and avenues for further earnings growth, this acquisition gives us an even stronger ability to support our customers and their growth," said Prologis Co-founder, CEO and Chairman Hamid R. Moghadam. "We're gaining high-quality properties and more than 500 new customers in key markets. These new customers will be able to tap into our Essentials platform, which delivers end-to-end solutions to address critical supply chain challenges and contributes to their broader sustainability efforts."

Acquisition Highlights

The acquisition of this highly compatible portfolio from Duke Realty includes:

142 msf of fully operational logistics buildings (~480) in 19 major U.S. markets, including Southern California, New Jersey, South Florida, Chicago, Dallas and Atlanta
7 msf of buildings under development; approximately 17 msf of developable land
Over 500 new customers

Prologis also announced that Duke Realty's Chairman and CEO James Connor has been appointed to the Prologis Board of Directors effective immediately upon the closing of the acquisition.

Today, more than $2.2 tril of goods flows through Prologis logistics facilities annually around the world, including products people rely on every day, such as food, medicine and other critical goods. As e-commerce and overall consumption continue to grow, so does the desire for high-quality logistics facilities located in areas of dense population.

With the acquisition, Prologis is expanding its presence in major regions in the U.S. and adding Savannah, Georgia, the fourth-largest U.S. gateway for container imports. With an expanded U.S. presence in key logistics hubs, Prologis will be even better poised to meet customer needs.

Prologis will be actively onboarding Duke Realty customers it is gaining, including introducing them to the Prologis Essentials platform, a proprietary suite of solutions and services designed to solve the challenges modern logistics facilities experience.

Goldman Sachs Group Inc and Citigroup served as financial advisors and Wachtell, Lipton, Rosen & Katz served as legal advisor to Prologis in the transaction. Morgan Stanley & Co. LLC served as the lead financial advisor and Hogan Lovells US LLP served as legal advisor to Duke Realty. J.P. Morgan Securities LLC and Alston & Bird LLP also served as financial and legal advisors, respectively, to Duke Realty.





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