Blackstone has struck the largest private real estate deal in history when it signed a deal to buy the US warehouses portfolio of Singapore-based GLP for $18.7 billion, including debt, reported The Real Deal.
GLP’s collection of industrial warehouses across the US, comprising about 1,300 properties, will further expand Blackstone’s real estate business and solidify the US group’s position as one of the world’s largest diversified property owners.
Once the deal is completed, Blackstone will add about 179 million square feett of urban logistics assets, nearly doubling its existing US industrial footprint. Globally, the US group has acquired more than 930 million square feet of logistics since 2010. Only GLP and Prologis have more industrial property.