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Blackstone has nearly doubled its current US industrial footprint with an agreement to purchase GLP badets worth $ 18.7 billion ($ 16.7 billion). ).
In a joint statement, the two companies reported that Blackstone Real Estate Partners' opportunistic strategy was to acquire $ 115bn of badets for $ 13.4bn and that the Blackstone Real Estate Income Trust (BREIT) unlisted investment fund would acquire $ 64 million for $ 5.3 billion.
In total, Blackstone buys 179 million square feet of intercompany urban logistics badets from GLP, headquartered in Singapore.
The transaction brings all the logistics space acquired by Blackstone since 2010 to 930 m 2. Last year, it bought the US industrial platform Gramercy Property Trust for $ 7.6 billion.
Ken Caplan, Global Co-Head of Blackstone Real Estate, said, "Logistics is our most compelling global investment theme, and we look forward to strengthening our existing portfolio to meet the growing demand for e-commerce.
"Our global scale and ability to leverage differentiated investment strategies has allowed us to provide a unique solution for GLP's high-quality portfolio."
Frank Cohen, President and CEO of BREIT, said: "These properties are a complementary complement to our stabilized commercial property portfolio, geared towards the most compelling themes, such as logistics."
Based in Singapore, the GLP logistics giant has grown rapidly in recent years and today manages $ 64 billion in global badets.
She entered the United States in 2015 and became the second largest owner of logistics real estate badets in the country through a series of acquisitions.
GLP stated that it would remain invested in the US in the real estate, technology and credit sectors and had a long-term commitment to the US market.
Alan Yang, CIO of GLP, said, "In four years, GLP has been able to leverage our deep operational expertise and global vision of the logistics industry to build and grow an outstanding portfolio.
"We are proud of the activities developed by our team and are confident that it will continue to flourish under the leadership of Blackstone. We look forward to expanding our presence in the US to continue to seize key opportunities. "
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