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ProLogis and AMB Property shareholders Wednesday approved a merger of the industrial landlords as demand for warehouse space rises amid a strengthening global economy.
The combination of the two biggest U.S. industrial real-estate investment trusts will result in a company with $46 billion in assets. The REITs expect about $80 million in annual general and administrative savings from the merger, according to a Jan. 31 statement announcing the transaction.
Though ProLogis’ corporate headquarters will move to San Francisco, its operations — or the management of its real-estate portfolios — will remain in Denver.
