Trending

    California moves to ban chrome plating in next wave of environmental protection actions

    January 27, 2023

    Drivers tell stories of weird freight they have hauled

    January 27, 2023

    NASA’s sustainability takes flight; University of Arkansas supply chain students soar – WTT

    January 27, 2023
    Facebook Twitter Instagram YouTube TikTok
    Facebook Twitter Instagram YouTube TikTok
    Back The Truck UpBack The Truck Up
    Subscribe
    • Home
    • Blog
    • Videos
    • Shows
    • Pods
    • Home
    • Blog

      California moves to ban chrome plating in next wave of environmental protection actions

      January 27, 2023

      Drivers tell stories of weird freight they have hauled

      January 27, 2023

      NASA’s sustainability takes flight; University of Arkansas supply chain students soar – WTT

      January 27, 2023

      Trucker wins million dollar grand prize in Kentucky Lotto scratch-off

      January 27, 2023

      Las Vegas’ “Dropicana” road construction to cause weekend-long closure of I-15

      January 26, 2023
    • Videos

      NASA’s sustainability takes flight; University of Arkansas supply chain students soar – WTT

      January 27, 2023

      Used truck bubbles, alliance breakups and the impact of layoffs – WTT

      January 25, 2023

      Cargo theft trends, freight scams and consumer weakness – WTT

      January 23, 2023

      Trucking markets, robot trucks and K-9 heroes – WTT

      January 20, 2023

      How to crush at social marketing in freight – WTT

      January 12, 2023
    • Shows
      1. WHAT THE TRUCK?!?
      2. America On 18 Wheels
      3. Get Loaded
      4. Back The Truck Up
      5. View All

      NASA’s sustainability takes flight; University of Arkansas supply chain students soar – WTT

      January 27, 2023

      Used truck bubbles, alliance breakups and the impact of layoffs – WTT

      January 25, 2023

      Cargo theft trends, freight scams and consumer weakness – WTT

      January 23, 2023

      Trucking markets, robot trucks and K-9 heroes – WTT

      January 20, 2023

      The Future Of Supply Chain Part 3: Driving On Demand – A18W

      May 26, 2022

      FOSC22 Part 2: The Philanthropic Side Of The Road – A18W

      May 19, 2022

      The Future Of Supply Chain Part 1: Friends Old And New – America on 18 Wheels

      May 12, 2022

      Convoy and Starlight Transportation: Together For the Long Haul

      April 14, 2022

      Get Loaded in Indianapolis w/The Dude

      August 12, 2022

      Cinci has loads and rates!

      August 5, 2022

      Charleston, SC has freight and does NOT suck

      July 29, 2022

      Get Loaded in Seattle?

      July 22, 2022

      Simple Livin, out on the road

      January 25, 2023

      All hail the Word of GO(r)D!

      January 18, 2023

      When great minds think alike and fight human trafficking – CVSA/Truckers Against Trafficking

      January 11, 2023

      What’s going on in D.C. with Bryce Mongeon, director of legislative affairs at OOIDA

      January 4, 2023

      NASA’s sustainability takes flight; University of Arkansas supply chain students soar – WTT

      January 27, 2023

      Used truck bubbles, alliance breakups and the impact of layoffs – WTT

      January 25, 2023

      Simple Livin, out on the road

      January 25, 2023

      Cargo theft trends, freight scams and consumer weakness – WTT

      January 23, 2023
    • Pods
    • Home
    • Blog
    • Videos
    • Shows
    • Pods
    Back The Truck UpBack The Truck Up
    • Home
    • Blog
    • Videos
    • Shows
    • Pods
    Home » Blog » Prologis makes $26 billion offer for rival Duke Realty
    News

    Prologis makes $26 billion offer for rival Duke Realty

    Offer was upped from previous $24 billion, would be paid in stock
    RoosterBy RoosterJune 13, 2022No Comments3 Mins Read
    Facebook Twitter Pinterest Reddit Telegram LinkedIn Tumblr VKontakte WhatsApp Email
    prologis sign on wall
    Looks like Prologis will acquire Duke Realty, making the warehousing space interesting - Image: Jim Allen | FreightWaves
    Share
    Facebook Twitter Reddit Pinterest Email

    With fears that e-commerce markets are cooling while the pandemic continues, commercial landlords are worried about the massive expansion of warehousing that sprouted like kudzu over the past couple of years. 

    Now, Duke Realty has accepted the bid from Prologis (NYSE: PLD) of $26 billion, or 0.475x shares of PLD stock, for their portfolio of properties. Prologis made a previous bid of $24 billion, but that bid was rejected. 

    The accepted price is considered a 34% premium for Duke Realty’s 165 million square feet of property space. The offer was unanimously accepted by both boards of directors, although it must still receive shareholder approval and closing procedures. Duke Realty will gain a seat on the Prologis board and a number of personnel would transition over.

    “We have admired the disciplined repositioning strategy the Duke Realty team has completed over the last decade. They have built an exceptional portfolio in the U.S. located in geographies we believe will outperform in the future. That will be fueled by Prologis’ proven track record as a value creator in the logistics space.”

    Hamid Moghadam, Prologis co-founder, CEO and Chairman

    Prologis adds premium warehousing space

    The acquisition will also add 557 customers to the Prologis customer base. It will also add about $375 to $400 million in annual earning and value creation. Prior to the acquisition Prologis had over 1.17 billion square feet of warehouse space following the close of its fourth quarter.

    The Duke Realty acquisition on an owned and managed basis comprises:

    • 153 million square feet of operating properties in 19 major U.S. logistics geographies.
    • 11 million square feet of development in progress – about $1.6 billion in total expected investment.
    • 1,228 acres of land owned and under option with a build-out of approximately 21 million square feet.

    Prologis, one of @amazon's biggest industrial landlords locally, announces $26 billion deal to "combine" with Duke Realty. pic.twitter.com/XTilGfmhQa

    — Dan Sernovitz (@WBJDan) June 13, 2022
    Wonder how Amazon feels about this merger? – Twitter: @WBJDan

    Prologis has been on a buying spree recently

    In recent years, Prologis has bulked up its real estate footprint through acquisitions. It bought Liberty Property Trust in 2020 and DCT Industrial Trust in 2018.

    “This transaction increases the strength, size and diversification of our balance sheet while expanding the opportunity for Prologis to apply innovation to drive long-term growth. In addition to generating significant synergies, the combination of these portfolios will help us deliver more services to our customers and drive incremental long-term earnings growth.”

    Tim Arndt, Prologis CFO

    Goldman Sachs (NYSE: GS) and Citigroup (NYSE: C) are serving as financial advisers to Prologis. Morgan Stanley (NYSE: MS) is the lead adviser for Duke Realty.

    Logistics warehouse operators Prologis and Duke Realty have come to terms in a $26 billion deal. https://t.co/3q2m4HKD46

    — FreightWaves (@FreightWaves) June 13, 2022
    Check out the article over on FreightWaves.com – Twitter: @FreightWaves

    Finance Editor Todd Maiden is leading the coverage over at FreightWaves. You can follow his expert coverage at this link.


    Read more by Rooster and follow me here!

    duke reality merger prologis Todd Maiden
    Share. Facebook Twitter Pinterest LinkedIn Reddit Email
    Previous ArticleRejections are up 47% in Ontario, California
    Next Article EV startup bets big on Tesla Semi – WTT
    Rooster
    • Website
    • Facebook
    • Twitter
    • Instagram
    • LinkedIn

    Rooster is a 15 year trucking veteran, farm boy, writer, and adventurer. I bring a mix of absolute chaos and down to Earth reasoning to the table. Known to be a little eccentric and have a dire need to get his point across. Beware of flying "Giga-Chugs" and lab coats!!!

    Related Posts

    California moves to ban chrome plating in next wave of environmental protection actions

    January 27, 2023

    NASA’s sustainability takes flight; University of Arkansas supply chain students soar – WTT

    January 27, 2023

    Trucker wins million dollar grand prize in Kentucky Lotto scratch-off

    January 27, 2023

    Las Vegas’ “Dropicana” road construction to cause weekend-long closure of I-15

    January 26, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

    © 2023 Back The Truck Up.
    • Home
    • Blog
    • Videos
    • Shows
    • Topics

    Type above and press Enter to search. Press Esc to cancel.