Blackstone buys GLP's US logistics assets for record US$18.7b

Its real estate arm will get 115 million sqft for US$13.4b.

Blackstone is betting big on logistics after entering into a deal to buy three of GLP’s US funds for US$18.7b, marking the largest private real estate transaction globally, an announcement revealed. This overall transaction totals 179 million sqft of urban, infill logistics assets and nearly doubles the size of Blackstone’s existing US industrial footprint.

Blackstone Real Estate’s BREP strategy will acquire 115 million sqft for US$13.4b, and its income-oriented non-listed REIT, Blackstone Real Estate Income Trust (BREIT), will acquire 64 million sqft for US$5.3b.

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.”

Alan Yang, chief investment officer of GLP, said: “We are looking forward to expanding our footprint in the United States to continue to seize key opportunities in the US market.”

Kirkland & Ellis served as legal counsel to GLP, whilst 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 legal counsel to Blackstone.

The Singapore-grown GLP is a global investment manager with US$64b assets under management. It entered the US real estate market in 2015 and became the second-largest owner of logistics real estate assets with logistics assets across 36 major markets.

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