Logistics real-estate company Prologis on Oct. 27 said it has agreed to buy commercial real-estate rival Liberty Property Trust in an all-stock deal worth $9.7 billion. Prologis will also take on almost $3 billion of Liberty’s debt.
Prologis expects that the two real-estate investment trusts will, once combined, be able to cut $120 million in costs, with another $50 million in"incremental development value creation" possible over time. In addition, Prologis intends to dispose of $2.8 billion-worth of non-strategic logistics properties and $700 million of office properties.
BofA Securities and Morgan Stanley are advising Prologis, while Goldman Sachs and Citigroup are working with Liberty Global.
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