AMB Property Corp. and ProLogis, two of the nation's largest industrial property developers and managers, are in merger talks, the companies said yesterday.
In virtually identical statements, Denver-based ProLogis and San Francisco-based AMB said they were "in discussions regarding a potential merger of equals" that would culminate in an all-stock transaction. Both declined further comment.
ProLogis owns and operates 435 million square feet of industrial property. As of Sept. 30, AMB owned or had invested in 158.4 million square feet of industrial property.
The contemplated merger is the first salvo in what is expected to be a multiyear consolidation phase among industrial property developers and managers.