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Laxman Pai, Opalesque Asia: The alternative investment manager Blackstone has struck the largest private real estate deal in history when it signed a deal to buy the US warehouses portfolio of Singapore-based GLP for $18.7bn, including debt.
The transaction to acquire assets from three of GLP's U.S. funds follows a prolonged bidding war for the asset against ProLogis.
According to a press release from the $140bn real estate investing giant, the overall transaction totals 179m square feet of urban, infill logistics assets, nearly doubling the size of Blackstone's existing U.S. industrial footprint.
Blackstone Real Estate's global opportunistic BREP strategy will acquire 115m square feet for $13.4bn and its income-oriented non-listed REIT, Blackstone Real Estate Income Trust (BREIT), will acquire 64m square feet for $5.3bn.
Ken Caplan, Global Co-Head of Blackstone Real Estate, said: "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."
Alan Yang, Chief Investment Officer of GLP, said: "GLP was able to leverage our deep operating expertise and global insights in the logistics sector within four years to build and grow an exceptional portfolio. We are proud of the business o...................... To view our full article Click here
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