June 3, 2019
New York-based Blackstone is buying assets from three of GLP’s U.S. funds for $18.7 billion. The overall transaction totals 179 million square feet of urban, infill logistics assets, and nearly doubles 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 $13.4 billion, and its income-oriented non-listed REIT, Blackstone Real Estate Income Trust (BREIT), will acquire 64 million square feet for $5.3 billion.
Blackstone Real Estate’s Ken Caplan says, “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.”
Established in Singapore, GLP is a global investment manager with $64 billion assets under management in real estate and private equity funds. Its real estate fund platform is one of the largest in the world, spanning 785 million square feet.
Blackstone’s real estate business has approximately $140 billion in investor capital under management. It has acquired more than 930 million square feet of logistics globally since 2010, including the latest GLP additions.
For comments, questions or concerns, please contact Dennis Kaiser