Prologis to acquire US logistics property developer

Prologis is to acquire US logistics property company DCT in a deal worth £8.4 billion.
DCT has interests in some 73.7 million square feet of properties leased to approximately 840 customers.
“For some time, we have considered DCT’s realigned portfolio to be the most complementary to our own in terms of product quality, market position and growth potential,” said Prologis chairman and chief executive Hamid R Moghadam.
“This high level of strategic fit will allow us to capture significant scale economies immediately. In addition, our current platform initiatives, particularly in the areas of advanced analytics, customer experience and procurement and ancillary revenues, will enable us to extract significant upside from the combined portfolios.”
DCT shareholders will receive 1.02 Prologis shares for each DCT share they own. The transaction is expected to close in the third quarter of 2018.