BREAKING NEWS: Liberty Property Trust is being bought by Prologis Inc. in a deal valued at $12.6 billion. Under terms of the transaction, Prologis will acquire Liberty in an all-stock transaction including the assumption of debt. Liberty shareholders will receive 0.675 of Prologis shares for each Liberty share they own. The sale of Liberty to Prologis is the culmination of a multi-year effort by Liberty that started in 2009 to transform itself into an industrial real estate investment trust focused on owning and developing warehouse distribution centers across the country. The companies said in a statement that Prologis’ acquisition of Liberty would strengthen Prologis’ presence in the logistics hubs of the Lehigh Valley, Chicago, Houston, Central Pennsylvania, New Jersey, and Southern California. It involves a portfolio that Liberty has accumulated totaling 107 million square feet, 5.1 million square feet in projects under development, and 1,684 acres of land for future development that could add another 19.7 million square feet. The deal is expected to close during the first quarter of next year.