Global logistics real estate firm, Prologis, completes its all-stock acquisition of Liberty Property Trust for USD 13 billion, including the assumption of debt.
The Liberty transaction expands Prologis’ presence in a number of key US logistics markets, including Lehigh Valley, Chicago, Houston, Central PA, New Jersey and Southern California.
The acquisition on an owned and managed basis comprises:
- 10 million sqm logistics operating portfolio
- 455,224 sqm of logistics development in progress
- 707 ha of land for future logistics development with build-out potential of 1.9 million sqm
- 353,000 sqm office operating and development portfolio
“The acquired Liberty portfolio is very complementary to our own in many markets,” says Prologis chairman and CEO Hamid R. Moghadam. “By adding Liberty’s portfolio to ours, we expand our footprint in important locations and benefit from immediate operational cost savings.”
Prologis expects to capture immediate cost and long-term revenue synergies, including approximately USD 120 million from corporate and general administrative cost savings, operating leverage, lower interest expense and lease adjustments.