Prologis Inc, a warehouse real estate company, said on Tuesday it had offered to buy its smaller peer Duke Realty Corp in an all-stock deal valued at $23.7 billion, as it looks to benefit from the booming demand for industrial space.
Storage space requirement, especially from e-commerce firms including Amazon.com Inc has seen a jump as the pandemic has prompted consumers to switch to online shopping.
San Francisco-California based Prologis leases logistics facilities to about 5,800 customers including Amazon.com Inc, BMW AG, and FedEx Corp.
The company’s offer values Duke, an owner and operator of industrial real estate, at $61.68 per share – an over 29% premium on its stock’s closing price on Monday.
Read more: Reuters
