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Prologis Buying Liberty Property Trust for $12.6 Billion

Hamid R. Moghadam, CEO of Prologis

HOUSTON – (Realty News Report) – Prologis Inc., one of the world’s largest industrial real estate companies, has agreed the to acquire Liberty Property Trust in a $12.6 billion all-stock transaction.

The companies both have large holdings in Houston. The Houston office of Prologis has a 18.5 million SF portfolio and Liberty controls 69 buildings with 10.4 million SF in Houston, according to the Houston Chronicle.

Prologis, based in San Francisco, has been growing through acquisition. Last year, Prologis bought DCT Industrial Trust. In addition, Prologis is in the midst of buying Industrial Property Trust, which owns 22 buildings in Houston, the Chronicle reported.

The boards of both Prologis and Wayne, Pa.-based Liberty Property have approved the transaction. Liberty has a portfolio of 107 million SF of warehouse space; 5.1 million SF of logistics space under development; 1,684 acres of land; and almost 5 million SF of office. In Houston, Liberty has 20 acres of land for future development.

“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,” said Prologis chairman and CEO Hamid R. Moghadam. “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 transaction is expected to close in the first quarter of 2020.

Oct. 29, 2019 Realty News Report Copyright 2019

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