Prologis agreed to buy out DCT Industrial Trust for $8.4bn in stock. The purchase includes 71 million sq ft of space in key markets like New York, Southern California and South Florida, areas where online shopping is driving demand for warehouse space. DCT’s portfolio includes 7.1 million sq ft of development, redevelopment and value-add projects, with 195 acres in the pre-development stage mostly located in South Florida and Southern California, as well as in Seattle and Atlanta. There are another 215 acres, or 3.3 million sq ft, that are built-out or under contract or option located in the New York and New Jersey area, along with Chicago and California. Prologis will assume DCT’s debt, and the offer represents a premium of about 16 percent over DCT’s closing price of $58.75 on Friday.
