The Blackstone Group Buys GLP $19 Billion Portfolio
In the largest private real estate transaction in history, Blackstone Real estate has acquired a 179 million square foot logistics portfolio from GLP for $19 billion. The portfolio includes urban infill assets in 36 major metropolitan areas.
According to Reuters, the deals comes as investors are spending billions of dollars to buy industrial assets that support e-commerce activity. This deal nearly doubles the size of The Blackstone Group’s U.S. industrial footprint. The key is logistics, which focuses on helping industrial businesses move products from A to B. This buy allows The Blackstone Group to tap into GLP’s logistics platform, which includes clients such as Amazon, Walmart, and others. Check out these stories for more:
According to PERE News, the portfolio has assets that have below market rents, which will give The Blackstone Group an advantage in the long term.