ProLogis Inc.

2011

June - AMB Property Corporation and ProLogis had announced the completion of their merger, forming a combined company named Prologis, Inc., a leading global owner, operator and developer of industrial real estate. The common stock of the combined company would trade under the symbol PLD on the New York Stock Exchange.

"This merger brings together two great organizations to form an even stronger global industrial real estate company," said Hamid R. Moghadam, chairman and co-CEO. "We are excited to move forward with a clear strategy to pursue growth opportunities around the world with our high-quality portfolio of logistics properties, proven private capital business, financial strength and our talented team."

"Prologis is poised for a bright future," said Walter C. Rakowich, co-CEO. "With an unmatched global network, an excellent board of directors and a strong management team, we are primed to deliver on the promise of great products and service for our customers, career opportunities for our people and sector-leading returns for our stockholders."

The transaction would create synergies and be immediately accretive, with the full expected annual gross savings of approximately $80m to be realised by the end of 2012. The company anticipated it would have an improved cost of capital with greater financial flexibility and that its expanded footprint would generate increased revenue opportunities by allowing it to better serve the needs of its customers.

Hamid R. Moghadam, AMB's former CEO, and Walter C. Rakowich, ProLogis' former CEO, will serve as co-CEOs of the combined company through December 31, 2012, at which time Rakowich would retire and Moghadam would become sole CEO.

The company's corporate headquarters would be in San Francisco, and the company's operations headquarters would be in Denver. 

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January - ProLogis entered into the Merger Agreement with AMB, which is expected to be  closed during the second quarter of 2011. 

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ProLogis is a global provider of distribution facilities, in markets across North America, Europe and Asia. The company leases its industrial facilities to customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs.

ProLogis was formed in 1991 as an industrial distribution operating company in the United States. It expanded its operations to Mexico in 1996 and to Europe in 1997.

In 2010 ProLogis reported revenues of $0.9bn.