LEHIGH VALLEY, PA — Liberty Property Trust, one of the largest industrial property owners in the Lehigh Valley, has approved an agreement to be acquired by Prologis Inc., a global leader in commercial real estate, in a transaction valued at $12.6 billion.
Prologis and Liberty Property Trust have announced that the two companies have entered into a definitive merger agreement, highlighting the importance of the Lehigh Valley as a key national market in commercial and industrial real estate investment.
“The Prologis acquisition of Liberty is very significant for the Lehigh Valley,” said Don Cunningham, president & CEO of Lehigh Valley Economic Development Corporation (LVEDC). “Liberty has long been the largest owner of industrial real estate in the region and Prologis has had a large presence here as well. The combined companies will become an even more significant entity in our market. The purchase shows the strategic importance of the Lehigh Valley in the industrial and manufacturing sectors.”
Prologis Chairman & CEO Hamid Moghadam said the company considers Lehigh Valley one of its target markets, and this transaction will deepen Prologis’ presence there as well as other markets like Chicago, Houston, Central Pennsylvania, and Southern California.