Blackstone Group LP (NYSE:BX) agreed to buy U.S. logistics assets from GLP for a purchase price of $18.7 billion.
A news release out Sunday said this overall transaction totals 179 million 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 115 million square feet for $13.4 billion and its income-oriented non-listed REIT, Blackstone Real Estate Income Trust (BREIT), will acquire 64 million square feet for $5.3 billion.
Ken Caplan, Global Co-Head of Blackstone Real Estate, commented: "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."
Established in Singapore, GLP is a global investment manager with $64 billion in assets under management in real estate and private equity funds. Its real estate fund platform is one of the largest in the world, spanning 785 million square feet.
Blackstone’s real estate business has approximately $140 billion in investor capital under management. It operates around the globe with investments and people in North America, Europe, Asia and Latin America.
Blackstone is one of the leading owners of logistics properties today with assets in North America, Europe and Asia.
Inclusive of this transaction, Blackstone has acquired over 930 million square feet of logistics globally since 2010.
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