Record-breaking logistics property deal worth close to $20bn
03 June 2019
US financial firm Blackstone has agreed to buy $18.7 billion worth of logistics property from GLP.
This transaction totals 179 million square feet of urban, infill logistics assets, nearly doubling the size of Blackstone’s existing U.S. industrial footprint.
Blackstone Real Estate’s BREP strategy will acquire 115 million square feet for $13.4 billion and its income-oriented non-listed REIT, Blackstone Real Estate Income Trust (BREIT), will acquire 64 million square feet for $5.3 billion.
Ken Caplan, global co-head of Blackstone Real Estate, commented: “Logistics is our highest conviction global investment theme today, and we look forward to building on our existing portfolio to meet the growing e-commerce demand. Our global scale and ability to leverage differentiated investment strategies allowed us to provide a one-stop solution for GLP’s high quality portfolio.”
Established in Singapore, GLP is a global investment manager with $64 billion assets.
Blackstone’s real estate business has approximately $140 billion in investor capital under management.