Blackstone has announced that it will acquire almost $20 billion USD of logistics property assets from GLP.
According to Blackstone, this overall transaction totals 179 million square feet of urban, infill logistics assets, nearly doubling the size of the company’s existing U.S. industrial footprint.
“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,” Ken Caplan, Global Co-Head of Blackstone Real Estate, said.
“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, said.