The acquisition of one of Indianapolis’ largest public companies came after months-long negotiations between Duke and San Francisco-based Prologis and broadens the firm’s logistics and industrial holdings in key locations, including Southern California, New Jersey, South Florida, Chicago, Dallas and Atlanta.
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Duke Realty Corp.’s legacy will linger beyond its pending $26 billion all-stock acquisition by industrial-sector behemoth Prologis Inc., expected to close early next month.
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Duke Realty Corp. has developed or co-developed major industrial buildings and complexes at the crossroads of America, which has become a significant national hub for warehousing, logistics and e-commerce operations.
Duke and its predecessor companies were behind or involved in many of the biggest office, retail and industrial projects in the city’s history and left a mammoth mark on the city’s form and workplace function.
Both companies’ boards have approved the deal, which is expected to close in the fourth quarter. It still needs approval from both companies’ shareholders.
Prologis, one of the world’s largest real estate investment trusts, said it has been trying to acquire Indianapolis-based Duke since November. Duke said in a written statement issued Wednesday that those buyout efforts simply haven’t been good enough.
In a public letter, Prologis CEO and co-founder Hamid Moghadam said his San Francisco-based company has been trying to acquire Indianapolis-based Duke quietly without luck since late November and decided to make the effort public.
Activist investor Paul Singer says the huge utility has been underperforming its peers and argues that Duke’s customers would be better served by locally managed utilities.
Plans call for the gourmet burger restaurant to occupy 4,855 square feet on the ground floor of a new office building, with indoor seating for up to 135 people and additional patio seating.
The Indianapolis-based real estate investment trust said it started $395 million of developments during the quarter totaling 2.6 million square feet.
The commercial openings are part of the $1 billion Anson development, led by Indianapolis-based Duke Realty Corp.
An Indianapolis City-County Council panel on Monday night unanimously advanced proposals that would help Duke Realty Corp. move its headquarters from Carmel to a new $28 million office building it would build in Indianapolis.
The Indianapolis-based real estate investment trust exceeded analyst expectations for revenue and funds from operations.
The publicly traded company wants to leave the Parkwood Crossing office park in Carmel and is requesting $2.9 million in the form of a bond issue from the city of Indianapolis to help finance a new headquarters.
The Indianapolis-based real estate investment trust saw a 19 percent increase in revenue in the fourth quarter.
The special payout will cost the company more than $302 million.
Duke Realty Corp. slightly exceeded analyst expectations on one financial performance measure in the third quarter while barely missing on another.
More than 6.8 million square feet of industrial space is expected to be constructed in the Indianapolis area in 2017, the most ever in a single year.
The Indianapolis-based real estate company exceeded expectations in a key financial category and posted huge earnings thanks to the sale of its medical office business.
S&P Dow Jones Indices on Wednesday said the Indianapolis-based real estate investment trust would be moved from the S&P MidCap 400 index to the S&P 500 index starting July 26.
The massive deal—which includes 6.6 million square feet of space spread across 71 buildings that are in operation and five that are under construction—will leave Duke as solely an industrial real estate company.
The Indianapolis-based real estate investment trust saw higher revenue and profit in the most recent period.
