Prologis has proposed to buy Duke Realty for $24 billion in an all-stock deal that would add about 160 million square feet to its industrial real estate portfolio.
The San Francisco-based logistics specialist offered to buy the REIT for $61.68 per Duke Realty share, Prologis announced Tuesday. Duke Realty’s share price, which closed yesterday at $47.71, have jumped about 12 percent since then.
With the deal, Prologis would acquire more than 160 million square feet of industrial real estate across the U.S. The firm owns about 1 billion square feet of logistics space.
Prologis said it sent a letter to Duke Realty, which is based in Indianapolis, offering a buyout in November. Since then, the company has repeatedly made higher offers for Duke, though the REIT has “not substantively engaged,” Prologis said in an announcement. Duke most recently rejected an offer from Prologis on May 3.