September 27, 2019
Blackstone Real Estate closed on a 179-million-square-foot logistics portfolio from global investment manager GLP for $18.7 billion. The sale of urban, infill logistics assets is the largest private real estate transaction in history.
The portfolio acquired by Blackstone includes logistics assets located across 36 major U.S. markets that GLP has aggregated over the past four years. Kirkland & Ellis served as legal counsel to GLP in the transaction. Eastdil Secured, Citigroup Global Markets Inc. and Goldman Sachs & Co. served as financial advisors. Acquisition financing was provided by Citibank, Deutsche Bank Securities Inc., BofA Merrill Lynch, J.P. Morgan, Goldman Sachs & Co. LLC, Barclays, Wells Fargo, Nuveen and Prudential. Simpson Thacher & Bartlett served as legal counsel to Blackstone.
“This deal is the result of four years of intensive work to build a world-class portfolio of assets,” said Alan Yang, CIO of GLP. “I’m so proud of our team and what we’ve been able to accomplish together. We are confident that Blackstone will be an excellent steward of the portfolio, and look forward to all that lies ahead for our U.S. business.”
GLP currently has $66 billion in assets under management in real estate and private equity funds.
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