SAN FRANCISCO and DENVER – (Realty News Report) – Prologis Inc., an industrial developer based in California, has agreed to acquire DCT Industrial for $8.4 billion.
Both firms have significant holdings in Texas, including scores of warehouses in Houston.
As of March 31, DCT Industrial owned 393 operating properties, totaling 63.3 million SF with occupancy of 97.7 percent.
Prologis owns 683 million SF of industrial buildings in 19 countries.
“For some time, we have considered DCT’s realigned portfolio to be the most complementary to our own in terms of product quality, market position and growth potential,” said Prologis chairman and chief executive officer Hamid Moghadam. “This high level of strategic fit will allow us to capture significant scale economies immediately. In addition, our current platform initiatives, particularly in the areas of advanced analytics, customer experience and procurement and ancillary revenues, will enable us to extract significant upside from the combined portfolios.”