Blackstone has agreed to buy assets from three of GLP’s US funds for $18.7bn (£14.8bn), which would be the largest ever private real estate deal globally.
The transaction totals 179m sq ft of urban, infill logistics assets, nearly doubling the size of Blackstone’s existing US industrial footprint.
Blackstone Real Estate’s global opportunistic BREP strategy will acquire 115m sq ft for $13.4bn and its income-oriented non-listed REIT, Blackstone Real Estate Income Trust, will acquire 64m sq ft 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 at GLP, added: “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 looking forward to expanding our footprint in the United States to continue to seize key opportunities in the US market.”
Established in Singapore, GLP is a global investment manager with $64bn of assets under management in real estate and private equity funds.
Blackstone’s real estate business has approximately $140bn of investor capital under management. It has acquired more than 930m sq ft of logistics assets globally since 2010.
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