Transformation of Wayne-Based Liberty Property Trust Culminates in Its Sale for $12.6 Billion
Wayne-based Liberty Property Trust is being acquired by San Francisco-based Prologis for $12.6 billion, writes Natalie Kostelni for the Philadelphia Business Journal.
The boards of both companies have unanimously agreed to the deal. Prologis will acquire Liberty in an all-stock transaction that includes the assumption of debt. For each share of the company they own, Liberty shareholders will get 0.675 of a Prologis share.
Liberty is one of the largest commercial real estate companies in the country. Its CEO, William P. Hankowsky, joined the company in 2001.
Liberty’s many achievements include establishing the Great Valley Corporate Center in Malvern and reviving the Navy Yard in Philadelphia as a mixed-use property. The company also developed two headquarters for Comcast in Center City.
The sale is the result of Liberty’s effort that began 10 years earlier to transform itself into an industrial real estate investment trust with a portfolio consisting primarily of warehouse distribution centers. At the time, Liberty had foresight of the boom of online retail that was just a fledgling industry at the time.
The deal is expected to finalize in the first quarter of 2020.
Read more about the sale of Liberty Property Trust in the Philadelphia Business Journal here.
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