May 28, 2019
The U.S. division of Singapore’s GLP is trying to sell its industrial portfolio in the United States, and the pool of parties kicking the tires includes some of the world’s largest warehouse and logistics properties owners. Included among the interested buyers in what could amount to a $20 billion transaction are New York’s Blackstone Group LP and San Francisco’s Prologis Inc.
The GLP portfolio that’s being sold is the second-largest collection of industrial warehouses in the U.S. It consists of nearly 200 million square feet across roughly 1,350 properties.
Prologis controls a 772-million-square portfolio and already ranks as the biggest industrial REIT. Blackstone’s $140 billion real estate AUM includes 561 million square feet of industrial properties.
While the deal could close as soon as this week, GLP is also considering an IPO for the U.S. business.
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