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Prologis agrees to acquire competitor Duke Realty for $26 billion

·2 min read
Prologis agrees to acquire competitor Duke Realty for $26 billion
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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 acquisition, which also takes a major competitor off the board, adds more than 150 million square feet of space to Prologis' existing portfolio of 1 billion square feet.