Prologis (US.PLD) to Buy Duke Realty in $26 Billion Deal, Including Debt
Prologis Inc., the worldâs largest warehouse operator, agreed to buy rival Duke Realty Corp. in a $26 billion deal that highlights a widening gulf between those who think e-commerce growth has a long way to go and those who think it is running out of steam.
The deal marks the largest commercial real estate sale since the start of the pandemic, according to real estate analytics firm Green Street, and is the latest in a string of blockbuster acquisitions in the sector. Warehouses and distribution centers have been a particularly hot property typeâespecially during the pandemicâbecause consumer shopping habits have been shifting online. 
Prologis had initially offered to buy Duke Realty for $61.68 a share, which represented a 29% premium to Duke Realtyâs share price at the time. The deal announced Monday included about $4 billion in debt, putting Dukeâs valuation excluding debt at more than $22 billion.
Prologis plans to hold 94% of the Duke Realty assets and exit one market.
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