Liberty Property Trust To Be Attained In $12.6 Billion Transaction

Recently, the largest industrial property owner in the Lehigh Valley is slated to be lifted by another significant industry performer in a $12.6 billion contract.

On Sunday, Liberty Property Trust, of Tredyffrin Township, Chester County, declared that Prologis Inc would develop it.

This is by an all-stock operation that includes the assumption of debt.

Prologis is a vast logistics real estate investment trust in San Francisco. The firm has 42 buildings in central and eastern Pennsylvania, which contains several arms in the Lehigh Valley.

The Lehigh Valley, central Pennsylvania, and New Jersey are amongst the markets where Prologis will strengthen its footing by attaining Liberty.

According to its website, Liberty has had a presence in the Lehigh Valley market for thirty-three years.

Moreover, it has 39 buildings totaling more than 18 million square feet in the region.

Prologis Chairman and CEO Hamid R. Moghadam indicated in the release, “Liberty’s logistics assets are highly complementary to our U.S. portfolio, and this acquisition increases our holdings and growth potential in several key markets.”

The Boards Of Prologis And Liberty Approve The Arrangement

He also added, “The strategic fit between the portfolios allows us to capture immediate cost and long-term revenue synergies.”

Previously, the boards of Prologis and Liberty approved the deal.

In the first quarter of 2020, the deal is also expecting to close. This is because it is subject to the sanction of Liberty shareholders.

For the better part of this year, Liberty was considering a broad range of selections.

The choices include a sale by the activist hedge fund Land & Buildings Investment Management LLC.

Liberty has long been dropping its office assets. It is by using the company’s profits to reinvest and mature in target industrial markets while working to lift the performance and returns.

Meanwhile, the bigger Prologis has played the role of the acquirer in recent years.

In July, Prologis proclaimed it would spend about $4 billion to buy Industrial Property Trust Inc. and its 37.5 million-square-foot portfolio.