Prologis Completes $13 Billion Acquisition of Liberty Property Trust

SAN FRANCISCO, Feb. 4, 2020 — Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate, today announced that it has completed its all-stock acquisition of Liberty Property Trust (NYSE: LPT) for $13.0 billion, including the assumption of debt. In connection with the transaction, each share of Liberty common stock was converted into the right to receive 0.675 shares of Prologis common stock.

The Liberty transaction expands Prologis’ presence in a number of key logistics markets, including Lehigh Valley, Chicago, Houston, Central PA, New Jersey and Southern California.

The acquisition on an owned and managed basis comprises:

• 108 million square foot logistics operating portfolio
• 4.9 million square feet of logistics development in progress
• 1,748 acres of land for future logistics development with build-out potential of 20.5 million square feet
• 3.8 million square foot office operating and development portfolio

“The acquired Liberty portfolio is very complementary to our own in many markets,” said 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.”

“We are thrilled to welcome many of Liberty’s talented team members to Prologis—their expertise and deep market knowledge will further strengthen our ability to provide industry-leading service to our customers,” said Prologis chief investment officer Eugene F. Reilly. “We are also excited to welcome approximately 325 new customers and expand our relationship with 180 existing Prologis customers.”

Prologis expects to capture immediate cost and long-term revenue synergies, including approximately $120 million from corporate and general administrative cost savings, operating leverage, lower interest expense and lease adjustments.

BofA Securities and Morgan Stanley are acting as financial advisors, and Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Prologis.


Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of December 31, 2019, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 814 million square feet (76 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 5,000 customers principally across two major categories: business-to-business and retail/online fulfillment.

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