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American City Business Journals
Prologis agrees to acquire competitor Duke Realty for $26 billion
Prologis has agreed to buy Duke Realty for $26 billion, the companies announced today, concluding a protracted courtship that saw the Indianapolis-based company rebuff repeated overtures from its fellow giant industrial REIT. The all-stock deal adds some key puzzle pieces to San Francisco-based Prologis’ sprawling portfolio, including properties in Southern California, Chicago, Dallas, New Jersey, Atlanta and South Florida. The combination, which takes a major competitor off the board, creates an industrial real estate powerhouse with more than 150 million square feet of space with another 11 million square feet under development.
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