| Global Logistic Properties Monday said it would take a 55% stake in a venture led by Singapore's sovereign- wealth fund that is acquiring industrial properties worth US$8.1 billion from Blackstone Group. Global Logistic will pay US$1.8 billion as its share in the venture, that will be 45% owned by GIC Pte. Ltd., the property firm said in a statement to Singapore Exchange, outlining its involvement in the deal first announced by Blackstone last week.
The Singapore firms are buying SHYIndCor Properties from Blackstone, which will bring 117 million square feet of industrial property across the U.S. under their control. The venture signifies a big bet by GIC on the American economy, where growth of online shopping is fueling demand for warehouses and distribution centers...............................................Full Article: Source
|