Prologis Inc., a warehouse real estate company, said on Tuesday it had offered to buy its smaller peer Duke Realty Corp in an all-stock deal valued at $23.7 billion, as it looks to benefit from the booming demand for industrial space.
The deal comes at a time when Prologis is struggling to keep up with an uptick in demand from companies looking to park their finished products in warehouses amid a supply chain crunch.
“The relevant supply in the markets that we care about are extremely tight,” the company said in a call with analysts last month, as customers continue to compete for the little space that remains.
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