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Blackstone to acquire U.S. logistics assets from GLP.

Global Banking News-June 4, 2019--Blackstone to acquire U.S. logistics assets from GLP

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Global Banking News - 04 June 2019

GLP and Blackstone have said that they have entered into an agreement under which Blackstone will acquire assets from three of GLP's U.S. funds for a purchase price of USD18.7bn.

The overall transaction totals 179 million square feet of urban, infill logistics assets, nearly double 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 USD13.4bn and its income-oriented non-listed REIT, Blackstone Real Estate Income Trust (BREIT), will acquire 64 million square feet for USD5.3bn.

Ken Caplan, global co-head of Blackstone Real Estate, said: '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.'

A global investment manager based in Singapore, GLP has USD64bn in assets under management in real estate and private equity funds. Its real estate fund platform spans 785 million square feet. GLP serves as the second-largest owner of logistics real estate assets in the country by aggregating logistics assets across 36 major markets. GLP will remain invested in the U.S. across real estate, technology, and credit.

A global company involved in real estate investing, Blackstone's real estate business has nearly USD140bn in investor capital under management. Blackstone's real estate portfolio includes hotel, office, retail, industrial and residential properties in the US, Europe, and Asia.

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Publication:Global Banking News (GBN)
Date:Jun 4, 2019
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