GLP unleashes acquisition party in the USA, snaps up US$4.55b logistics portfolio

It will be the US' second-largest logistics property player.

Global Logistic Properties has inked a definitive agreement to acquire a US$4.55 billion US logistics portfolio from Industrial Income Trust.

This transaction will enlarge GLP’s US footprint by 50% to 173 million sq ft, with GLP becoming the second largest logistics property owner and operator in the US within a year of market entry. 

GLP said that it intends to inject the portfolio into its fund management platform. The company expects to fully own the portfolio upon closing by 16 November 2015 and pare down its stake to 10% by April 2016.

The acquisition will be funded by cash on hand and existing credit facilities.