Real estate business

Big takeover in industrial real estate; bid for Buffett’s latest charity lunch surpasses $3 million |

Duke Realty to be sold in $26 billion deal

NEW YORK — Real estate investment firm Prologis is buying Duke Realty in an all-stock deal valued at about $26 billion, including the assumption of debt.

Both companies’ boards of directors have approved the deal, which is expected to close in the fourth quarter. It must still obtain the approval of the two shareholders. The transaction comes about a month after San Francisco-based Prologis made an unsolicited offer for Indianapolis-based Duke Realty after months of talks.

Prologis said June 13 that the transaction would give it logistics and industrial properties in key locations, including Southern California, New Jersey, South Florida, Chicago, Dallas and Atlanta. The company plans to own approximately 94% of Duke Realty’s assets and exit an unspecified market.

Prologis owns a property in South Carolina, in Greer, according to its website. Duke Realty has no ownership interest in Palmetto State.

Buffett’s charity lunch bids over $3 million

OMAHA, Neb. – The bid on the luncheon’s latest private investor, Warren Buffett, plans to auction to raise money for a California homeless charity has already topped $3 million.

The online auction raising money to support the Glide Foundation’s work to help the homeless in San Francisco began Sunday and runs through Friday evening. Buffett said this year’s auction — which is the first since before the pandemic — will be the last. Lunch is already proving pricey but bidding remains well below the record set in 2019 of $4,567,888. The biggest deals usually come towards the end of the eBay auction.

NJ casino union to vote on strike

ATLANTIC CITY, NJ — Atlantic City’s main casino workers union will vote Wednesday on whether to authorize a strike against the city’s casinos, with which they have not yet reached new contractual agreements.

Unite Here Local 54 will decide whether to allow the union leadership to call a strike against any or all of the nine casinos. Contracts with the casinos expired nearly two weeks ago and talks have yet to result in a new deal.

No target date for a potential walkout has been set, but an obvious time would be the Fourth of July holiday weekend, one of the busiest of the year for casinos.

Canned Jack and Coke on sale

NEW YORK – It’s a Jack and Coke with no bartender required.

Coca-Cola Co. said June 13 that it is partnering with Brown-Forman Corp., the maker of Jack Daniel’s Tennessee Whiskey, to sell premixed cocktails.

Canned Jack and Coke will be sold worldwide after launching in Mexico later this year. A sugar-free version will also be available.

The move comes amid strong global sales of ready-to-drink liquor blends, including hard seltzers like White Claw.

Global consumption of ready-to-drink beverages jumped 26% in 2020 and 14% last year, according to IWSR Drinks Market Analysis, an alcohol market research firm. Coke has been slowly adding more alcoholic beverages to its portfolio since 2018, when it launched Lemon-Dou in Japan.

Thieves steal cargo from Mexico City port

MEXICO CITY – The Mexican Federation of Employers said thieves broke into a cargo storage area at the Pacific Coast seaport of Manzanillo and stole 20 cargo containers loaded with gold and silver ore partially refined and televisions.

The head of the federation said on June 13 that last week’s large-scale theft was a sign of growing crime in Mexico. The state of Colima, where Manzanillo is located, has not officially commented on the June 5 theft. Colima prosecutors and police have had a more pressing problem, with residents blocking roads to protest kidnappings and killings.


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