Bill Hankowsky, Liberty Property Trust chairman and CEO
WAYNE, PA—Prologis announced on Sunday it had struck a deal to acquire locally-based Liberty Property Trust for $12.6 billion.
The deal is reflective of the high demand for industrial warehouses, particularly those that are located in high-demand, last mile delivery locations—indeed, the transaction will deepen San Francisco-based Prologis' presence in target markets such as Lehigh Valley, Chicago, Houston, Central PA, New Jersey and Southern California. The assets trading include a 107 million square foot logistics operating portfolio, 87% of which overlaps with key markets; 5.1 million square feet of logistics development in progress; 1,684 acres of land for future logistics development with build-out potential of 19.7 million square feet and 4.9 million-square-foot office operating and development portfolio.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
