A Prologis holding. Photo by Prologis.DENVER–DCT Industrial Trust shareholders approved the $8.4 billion merger agreement announced earlier this year with Prologis at a special shareholders meeting held yesterday.
When the transaction closes, which is expected to happen this week, DCT Industrial stockholders will receive 1.02 Prologis shares for each DCT share they own. At closing DCT will be merged into Prologis and will no longer trade on the NYSE.
BofA Merrill Lynch is acting as exclusive financial advisor and Goodwin Procter LLP is serving as legal advisor to DCT. J.P. Morgan is acting as exclusive financial advisor and Mayer Brown LLP is serving as legal advisor to Prologis.
Complementary Portfolios
The driving force behind this deal is the growing influence e-commerce now has on the industrial sector — and the subsequent need for scale and presence in infill, urban markets. Denver-based DCT Industrial Trust's 71 million square foot operating portfolio will expand Prologis' presence in Southern California, the San Francisco Bay Area, New York/New Jersey, Seattle and South Florida.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
