ProLogis and AMB agree tie-up

AMB Property struck a deal to buy rival ProLogis for $8.7bn (£5.4bn) in stock, combining the two largest US owners of warehouse and distribution centres in one of the biggest real-estate transactions since the financial crisis. The agreement comes as ProLogis, the larger company, has struggled with debt. While both companies operate in the US, the deal will give AMB, which also operates in China and Brazil, a large presence in the UK and Eastern Europe.