Blackstone buys logistics assets from Singapore's GLP for US$18.7 billion
NEW YORK private equity firm Blackstone has agreed to buy US$18
16 June 2019 - 19:00
The transaction will see Blackstone buy assets from three of GLP's US funds, including 179 million square feet of urban, infill logistics assets, which would nearly double the size of Blackstone's existing US industrial footprint.
Blackstone Real Estate's global opportunistic BREP strategy will acquire 115 million square feet for US$13.4 billion and its income-oriented non-listed REIT, Blackstone Real Estate Income Trust (BREIT) will acquire 64 million sq ft for US$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 BREIT chief executive Frank Cohen.
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