Blackstone to buy GLP’s US warehouse belongings in biggest actual property PE deal
Blackstone Group LP’s purchase of the U.S. Commercial warehouse property from Singapore-based total logistics company GLP for $18.7 billion was the most important personal actual estate transaction, the organizations said.
Blackstone, the world’s largest supervisor of opportunity assets, stated on Sunday that the overall transaction totaled 179 million rectangular ft of city logistics assets, almost doubling the size of its U.S. business footprint.
The deal comes when worldwide buyers spend billions of greenbacks to accumulate logistics assets as a surge in e-trade hobby spurs calls for transport and warehouse offerings.
“Logistics is our highest conviction worldwide funding subject today, and we look forward to constructing on our current portfolio to meet the developing e-trade demand,” stated Ken Caplan, international co-head of Blackstone Real Estate.
GLP’s customers include e-trade structures such as Amazon.Com Inc. and JD.Com Inc., purchaser manufacturers, Adidas AG, and L’Oreal SA.
GLP scaled up its U.S. business over the last four years to make it the second-biggest in the quarter after Prologis Inc.
The transaction comes years after a major Chinese personal fairness consortium subsidized by senior executives from GLP received a bid to acquire GLP for S$16 billion ($11.67 billion).
Established in Singapore, GLP is a global funding manager with $64 billion of assets below management in real estate and personal equity funds. Its real estate fund platform is one of the largest globally, spanning 785 million square toes.
Due to the $18.7 billion agency cost of the deal, Blackstone agreed to collect assets from 3 GLP’s U.S. Finances. Blackstone Real Estate’s global opportunistic BREP strategy will gather a hundred and fifteen million rectangular toes for $13.4 billion. Its profits-orientated non-listed REIT, Blackstone Real Estate Income Trust, will gather 64 million rectangular feet for $5.3 billion.
Citigroup Global Markets Inc. and Goldman Sachs & Co LLC have been economic advisers to GLP at the deal. BofA Merrill Lynch, Barclays, Deutsche Bank, J.P. Morgan, and Morgan Stanley & Co LLC had been financial advisers to Blackstone.
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