Keystone Prop (NYSE:KTR)
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Prologis and Funds Complete Merger With Keystone Property Trust
for Total Consideration of $1.7 Billion
Transaction Enhances ProLogis' Position in Key Markets; Increases Assets Under
Management in ProLogis Property Funds by Over $1.8 Billion to $8.3 Billion
DENVER, Aug. 4 /PRNewswire-FirstCall/ -- ProLogis (NYSE:PLD), a leading global
provider of distribution facilities and services, today announced the
completion of the merger of Keystone Property Trust (NYSE:KTR) with a
partnership indirectly owned by ProLogis and certain affiliates of investment
funds managed by Eaton Vance Management (the "Fund Affiliates") for $23.80 per
share, or total consideration of $1.7 billion including assumed liabilities,
expenses and transaction costs. Eaton Vance Management is an affiliate of
Eaton Vance Corp., a Boston-based investment firm with over $88 billion of
assets under management as of June 30, 2004. The merger further strengthens
ProLogis' position as the largest public, U.S.-based, global provider of
distribution facilities and services, bringing its total distribution
facilities operating and under development to over 286 million square feet in
71 markets in 14 countries.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990420/PROLOGIS)
In connection with the merger, ProLogis and the Fund Affiliates formed five
separate funds that acquired 22.5 million square feet of industrial properties,
the bulk of Keystone's portfolio, valued at $1.4 billion. The Fund Affiliates
own 80% and ProLogis owns 20% of each of these funds. Additionally, ProLogis
purchased the remaining assets owned by Keystone and Keystone's joint venture
interests for approximately $300 million. Together, these entities add 10.8
million square feet to properties under management.
Growing Position in Key Logistics Markets
K. Dane Brooksher, chairman and chief executive officer of ProLogis, said,
"With the closing of this transaction, ProLogis' portfolio of properties under
management and development now exceeds $14 billion. The addition of Keystone's
portfolio enhances our ability to serve our customers by increasing the number
of high-quality, low-finish, bulk distribution facilities available in four of
North America's key logistics markets -- New Jersey, Eastern Pennsylvania,
Indianapolis and the Miami airport market."
Morgan Stanley and Citigroup Global Markets Inc. acted as financial advisors
for the Fund Affiliates and ProLogis. Mayer, Brown, Rowe & Maw LLP and
Goulston & Storrs, P.C. acted as legal advisors for ProLogis and the Fund
Affiliates, respectively.
About ProLogis
ProLogis is a leading provider of distribution facilities and services with
286.4 million square feet (26.6 million square meters) in 1,948 distribution
facilities owned, managed and under development in 71 markets in North America,
Europe and Asia. ProLogis continues to expand the industry's first and largest
global network of distribution facilities with the objective of building
shareholder value. The company expects to achieve this through the ProLogis
Operating System(R) and its commitment to be 'The Global Distribution Solution'
for its customers, providing exceptional facilities and services to meet their
expansion and reconfiguration needs.
http://www.newscom.com/cgi-bin/prnh/19990420/PROLOGIS
DATASOURCE: ProLogis
CONTACT: Investor Relations, Melissa Marsden, +1-303-576-2622,
, or Media, Suzanne Dawson of Linden, Alschuler & Kaplan,
Inc., +1-212-329-1420, , for ProLogis