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Prologis To Buy Liberty Property Trust In $12.6 Bln Deal

Prologis Inc. (PLD) agreed to buy Liberty Property Trust (LPT) in an all-stock transaction, valued at about $12.6 billion, including the assumption of debt.

As per the terms of the agreement, Liberty shareholders will receive 0.675x of a Prologis share for each Liberty share they own. The transaction is currently expected to close in the first quarter of 2020.

Prologis said it plans to dispose of about $3.5 billion of assets on a pro rata share basis. It includes $2.8 billion of non-strategic logistics properties and $700 million of office properties.

Prologis expects the transaction to increase annual core funds from operations per share by $0.10-$0.12. Annual stabilized Core funds from operations per share is forecasted to increase by an additional $0.04 per share for a total of $0.14-$0.16.

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