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Warehouse giant Prologis, a major Amazon landlord, to buy rival Duke Realty in $26 billion deal

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Signage outside a Prologis warehouse occupied by Kuehne + Nagel in Redlands, California, U.S., on Sunday, Nov. 7, 2021. Fallout from the global supply-chain crisis is clogging U.S. ports, pushing warehouses to capacity and forcing logistics managers to scramble for space.
Roger Kisby | Bloomberg | Getty Images

Warehouse giant Prologis said Monday that it will acquire its smaller rival Duke Realty in an all-stock deal valued at about $26 billion, including debt.

Both companies’ boards of directors have unanimously approved the transaction, a press release said.

Prologis controls roughly 1 billion square feet of warehouses and distribution centers used by companies including Amazon, Home Depot and FedEx. While Duke Realty owns and operates about 160 million square feet of industrial real estate in 19 major U.S. logistics markets.

This story is developing. Please check back for updates.

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