News

Blackstone seals industrial warehouses from GLP in $18.7bn deal

WarehouseThe world’s largest real estate manager, Blackstone, has agreed an $18.7 billion deal with Singapore-based GLP Pte for 179 million square feet of US industrial warehouses used by e-commerce giants including Amazon. The deal with GLP almost doubles Blackstone’s US footprint and takes its acquisition of logistics globally to 930 million square feet since 2010, the firm said in a statement.   As part of the agreement with GLP, Blackstone Real Estate’s global opportunistic BREP strategy will acquire 115 million square feet for $13.4 billion while the income-oriented non-listed REIT, Blackstone Real Estate Income Trust (BREIT), will acquire 64 million square feet for $5.3 billion.  “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,” said Ken Caplan, global co-head of Blackstone Real Estate. GLP is a global investment manager with $64 billion in assets under management and focuses on real estate and related logistics technologies. Other than Amazon, some of GLP’s US tenants include Adidas, DHL, FedEx, Ford, Philips, Samsung, Tesla, UPS and Whirlpool. ©2019 funds global asia

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