INDIANAPOLIS — As Prologis, Inc. acquires Duke Realty, 120 Indianapolis workers are being left out.
On Friday, Duke Realty Corporation sent a Worker Adjustment and Retraining Notification (WARN) letter to the Indiana Department of Workforce Development. In the letter, the company disclosed an upcoming layoff.
The move comes as Duke Realty and Prologis merge, with Prologis acquiring Duke in an all-stock transaction valued at approximately $26 billion.
“We have admired the disciplined repositioning strategy the Duke Realty team has completed over the last decade,” said Prologis Co-founder, CEO and Chairman Hamid R. Moghadam. “They have built an exceptional portfolio in the U.S. located in geographies we believe will outperform in the future. That will be fueled by Prologis’ proven track record as a value creator in the logistics space. We have a diverse model that allows us to deliver even more value to customers.”
The letter says the layoff is contingent on the successful closing of the merger. In all, 120 employees at the River Crossing Boulevard location in Indianapolis will be laid off. The separations are expected to happen between Oct. 3 through Jan. 1.
The majority of those being laid off are accountants, with 43 employees impacted. The next common position is information technology, with 16 impacted employees.
|Impacted Positions||Number of Employees|
|Capital Transactions & JV||4|
|Corporate Strategic Initiatives||1|
Prologis plans to hold approximately 94% of the Duke Realty assets and exit one market.