The biggest initial public offering in real estate history may not happen after all.

Prologis has expressed interest in purchasing the U.S. operations of Singapore-based GLP, Bloomberg reports. GLP had previously been considering an IPO for that portion of its business, reportedly backed by Citigroup and Goldman Sachs and targeting a $20B valuation.

GLP owns 185M SF of warehouse space in the U.S. and has $64B in assets under management worldwide, but the publicly traded Prologis dwarfs it in both categories. According to its first-quarter report, Prologis owns 457M SF in the U.S. out of 772M SF worldwide, with $97B worth of total assets under management.

Prologis is no stranger to massive acquisitions, having purchased DCT Industrial Trust for $8B last year. In October, it also sold $1.1B worth of distribution centers (a portfolio it jointly owned with Norges Bank) to Mapletree Investments. Prologis counts Amazon as its largest tenant, with the e-commerce industry leader also making up a large portion of GLP's portfolio.

Discussions around a potential deal are preliminary, Bloomberg reports, and GLP is reportedly still strategizing around an IPO.