GLP and Blackstone have entered an agreement for Blackstone to acquire assets from three of GLP's U.S. funds for $18.7 billion.
“GLP was able to leverage our deep operating expertise and global insights in the logistics sector within four years to build and grow an exceptional portfolio. We are proud of the business our team built and are confident it will continue to flourish under Blackstone’s leadership. We are looking forward to expanding our footprint in the United States to continue to seize key opportunities in the U.S. market,” Alan yang, chief investment officer of GLP says.
Blackstone will gain 179 million square feet of urban, infill logistics assets, nearly double the size of its current industrial footprint in the U.S. Blackstone Real Estate 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 will acquire 64 million square feet for %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. Our global scale and ability to leverage differentiated investment strategies allowed us to provide a one-stop solution for GLP’s high quality portfolio,” says Ken Caplan, global co-head of Blackstone Real Estate.