By Colin Kellaher

Liberty Property Trust (LPT) shares surged more than 20% in premarket trading Monday after the real-estate investment trust agreed to be acquired by Prologis Inc. (PLD) in a $9.67 billion stock swap.

Prologis plans to issue 0.675 shares for each Liberty share, for a value of about $61.33 a share based on Friday's closing prices.

Shares of Liberty, which closed Friday at $50.57, rose 20.6% to $61 in premarket trading, while Prologis shares, which closed Friday at $90.86, were unchanged.

Including assumed debt, the transaction carries a total value of about $12.6 billion.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

October 28, 2019 07:22 ET (11:22 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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