Duke Realty
2022
$26.0B
Why
Prologis acquired Duke Realty in an all-stock transaction valued at about $26 billion including assumed debt, adding 153 million square feet of operating properties across 19 major US logistics markets plus 11 million square feet of in-progress development.
Impact
Significantly increased Prologis's scale in top US logistics hubs at a moment of surging e-commerce-driven warehouse demand; Prologis planned to retain about 94% of the acquired assets and exit one overlapping market.
Outcome
Became one of Prologis's largest transactions and a major contributor to the roughly $1.6 billion of development value added to its pipeline. The deal also brought Prologis a substantial land bank for future development in supply-constrained coastal markets, land that has become increasingly difficult for competitors to assemble as zoning and entitlement processes in dense logistics corridors have grown more restrictive.