Blackstone to Buy U.S. Logistics Assets from GLP for $18.7 Billion
GLP and Blckstone nowadays announced that they have entered into an settlement for Blackstone to gather property from 3 of GLP’s U.S. Funds for a buy rate of $18.7 billion. This normal transaction totals 179 million rectangular feet of urban, infill logistics belongings, almost doubling the dimensions of Blackstone’s present U.S. Commercial footprint. Blackstone Real Estate’s global opportunistic BREP approach will acquire one hundred fifteen million square feet for $13.Four billion and its profits-orientated non-indexed REIT, Blackstone Real Estate Income Trust (BREIT), will acquire sixty four million rectangular ft for $five.3 billion.
Ken Caplan, Global Co-Head of Blackstone Real Estate, commented: “Logistics is our highest conviction international investment theme nowadays, and we stay up for constructing on our existing portfolio to fulfill the growing e-commerce demand. Our international scale and capacity to leverage differentiated investment techniques allowed us to offer a one-prevent solution for GLP’s excessive high-quality portfolio.”
Alan Yang, Chief Investment Officer of GLP, said: “GLP was able to leverage our deep working knowledge and international insights inside the logistics area within 4 years to construct and develop an extraordinary portfolio. We are proud of the commercial enterprise our group built and are confident it’s going to continue to flourish below Blackstone’s management. We are looking forward to expanding our footprint inside the United States to continue to capture key opportunities within the U.S. Marketplace.”
Frank Cohen, Chairman and CEO of BREIT, stated: “These properties are a complementary addition to our stabilized industrial real property portfolio, that’s oriented in the direction of our highest conviction themes, which include logistics.”
Established in Singapore, GLP is a worldwide investment manager with $ sixty-four billion property under management in actual property and private equity budget. Its real property fund platform is certainly one of the biggest inside the global, spanning 785 million rectangular ft. GLP entered the U.S. Real estate marketplace in 2015 and through a chain of major acquisitions became the second-largest owner of logistics real property assets within u. S. By means of aggregating brilliant, cutting-edge logistics property throughout 36 important markets. GLP will remain invested inside the U.S. Across the real property, generation, and credit and is devoted lengthy-term to the U.S. Marketplace.
Blackstone’s real estate enterprise has about $one hundred forty billion in investor capital under control. It operates around the world with investments and those in North America, Europe, Asia, and Latin America. Blackstone is one of the main proprietors of logistics houses today with assets in North America, Europe, and Asia. In the U.S., Blackstone built and bought Indoor and correctly replicated this method with Logicor in Europe. Inclusive of this transaction, Blackstone has received over 930 million square feet of logistics globally due to the fact 2010.
Kirkland & Ellis served as felony suggest to GLP and Eastdil Secured LLC, Citigroup Global Markets Inc. And Goldman Sachs & Co. LLC served as financial advisors to GLP. BofA Merrill Lynch, Barclays, Deutsche Bank, J.P. Morgan, and Morgan Stanley & Co. LLC served as financial advisors to Blackstone. Citigroup Global Markets Inc., Eastdil Secured LLC, and Goldman Sachs & Co. LLC served as Blackstone’s financing advisor. Simpson Thacher & Bartlett served as criminal recommend to Blackstone.
GLP is a leading global funding manager focusing on logistics and associated technology investments, with $64 billion of assets underneath management in actual estate and personal fairness funds around the world. The Company’s real estate fund platform is one in all the biggest within the global, spanning seventy-three million rectangular meters (785 million square ft). In 2019, GLP changed into recognized with the aid of Private Equity Real Estate (PERE) as Global Firm of the Year and Logistics Investor of the Year.
About Blackstone Real Estate
Blackstone is a global leader in actual estate making an investment. Blackstone’s real property commercial enterprise changed into based in 1991 and has approximately $one hundred forty billion in investor capital beneath control. Blackstone’s real estate portfolio consists of an inn, workplace, retail, commercial and home houses within the US, Europe, and Asia. Blackstone actual property additionally operates Blackstone Real Estate Income Trust (BREIT), a leading perpetual-existence, monthly NAV REIT that seeks to invest in stabilized, profit-producing U.S. Business actual property across the important thing assets sorts, consisting of multifamily, business, retail and hotel belongings, and to a lesser volume in actual estate-related securities.