September 13, 2016 Comments Off on GLP Contracts with Hillwood on $1.1B Industrial Portfolio Views: 517 National News, Southwest, Texas News

GLP Contracts with Hillwood on $1.1B Industrial Portfolio

Singapore-based logistics fund manager GLP has struck a deal with Dallas-based Hillwood Development Co. to purchase a $1.1-billion U.S. logistics real estate portfolio. The purchase would represent the largest purely industrial real estate transaction so far this year, according to Real Capital Analytics.

The portfolio’s 32 assets total 15 million square feet, and are located in Chicago, Dallas, Atlanta, Pennsylvania, Los Angeles, Cincinnati and Indianapolis. The portfolio will be acquired in two tranches, the first of which will trade for $700 million, and is expected to close in December. Overall, the development portfolio will be acquired in phases during the next 18 months, as the assets become fully leased.

The acquisition is expected to be funded with $470 million of equity, and $635 million of debt.

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