{"id":1004328581,"date":"2019-06-03T05:13:45","date_gmt":"2019-06-03T13:13:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004328581"},"modified":"2021-05-15T04:43:34","modified_gmt":"2021-05-15T12:43:34","slug":"blackstone-to-double-us-industrial-footprint-in-record-18-7b-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/blackstone-to-double-us-industrial-footprint-in-record-18-7b-deal\/","title":{"rendered":"Blackstone to Double US Industrial Footprint in Record $18.7B Deal"},"content":{"rendered":"
\"\"<\/a>

Image via Pixabay<\/em><\/p><\/div>\n

Blackstone is set to pay $18.7 billion for urban, infill logistics assets in the U.S., nearly doubling its industrial portfolio. The investment management giant, which recently announced it will convert into a corporation<\/a> starting this month, has entered into an agreement with Global Logistic Properties to acquire assets from three GLP funds. Believed to be the world\u2019s largest private equity transaction ever, the deal encompasses roughly 179 million square feet.<\/p>\n

Blackstone Real Estate\u2019s global opportunistic BREP strategy is slated to add 115 million square feet to its portfolio for $13.4 billion, while the company\u2019s income-oriented non-listed REIT\u2014Blackstone Real Estate Income Trust\u2014will acquire 64 million square feet for $5.3 billion.<\/p>\n

GLP worked with Eastdil Secured, Citigroup Global Markets Inc. and Goldman Sachs & Co. as financial advisors. Blackstone chose BofA Merrill Lynch, Barclays, Deutsche Bank, J.P. Morgan and Morgan Stanley & Co. as financial advisors, with Simpson Thacher & Bartlett serving as the company’s legal counsel. <\/p>\n

Stimulated by e-commerce<\/h2>\n

Retailers\u2019 need for warehouse space has ballooned as online shopping continues to grow in popularity. This has lured investors\u2019 interest in industrial assets<\/a>, including Blackstone\u2019s. The deal comes right after the company announced it is raising $5 billion<\/a> for its latest real estate debt fund, Blackstone Real Estate Debt Strategies IV. Earlier in January, Blackstone Group LP was in the final stages of raising the largest CRE fund ever, a whopping $20 billion.<\/p>\n

Singapore-based GLP entered the U.S. real estate market in 2015, when it paid $4.6 billion for Industrial Income Trust\u2019s 58 million-square-foot portfolio. Through a series of major acquisitions, the company rapidly became the second-largest owner of logistics real estate assets in the country.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company agreed to purchase assets from three GLP funds, building on growing e-commerce demand. The deal is being called the largest-ever private equity real estate transaction.<\/p>\n","protected":false},"author":238,"featured_media":1004328587,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21783,23891,21742],"tags":[32934,36444,33101,33822,33435,35547,32774,33129],"class_list":["post-1004328581","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-investment","category-national","category-latest","tag-barclays","tag-bofa-merrill-lynch","tag-eastdil-secured","tag-glp","tag-goldman-sachs","tag-jpmorgan","tag-morgan-stanley","tag-the-blackstone-group"],"acf":[],"yoast_head":"\nBlackstone to Double US Industrial Footprint in Record $18.7B Deal - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-double-us-industrial-footprint-in-record-18-7b-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blackstone to Double US Industrial Footprint in Record $18.7B Deal\" \/>\n<meta property=\"og:description\" content=\"The company agreed to purchase assets from three GLP funds, building on growing e-commerce demand. The deal is being called the largest-ever private equity real estate transaction.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-double-us-industrial-footprint-in-record-18-7b-deal\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-06-03T13:13:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T12:43:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/industrial-news-02.-Image-via-Pixabay.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Laura Valean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-double-us-industrial-footprint-in-record-18-7b-deal\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-double-us-industrial-footprint-in-record-18-7b-deal\/\",\"name\":\"Blackstone to Double US Industrial Footprint in Record $18.7B Deal - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-double-us-industrial-footprint-in-record-18-7b-deal\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-double-us-industrial-footprint-in-record-18-7b-deal\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/industrial-news-02.-Image-via-Pixabay.png\",\"datePublished\":\"2019-06-03T13:13:45+00:00\",\"dateModified\":\"2021-05-15T12:43:34+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/2f8b737fce677cc406c08a2c29c1ff38\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-double-us-industrial-footprint-in-record-18-7b-deal\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-double-us-industrial-footprint-in-record-18-7b-deal\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-double-us-industrial-footprint-in-record-18-7b-deal\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/industrial-news-02.-Image-via-Pixabay.png\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/industrial-news-02.-Image-via-Pixabay.png\",\"width\":800,\"height\":620,\"caption\":\"Image via Pixabay\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-double-us-industrial-footprint-in-record-18-7b-deal\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Blackstone to Double US Industrial Footprint in Record $18.7B Deal\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/2f8b737fce677cc406c08a2c29c1ff38\",\"name\":\"Laura Valean\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Laura-Calugar.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Laura-Calugar.jpg?w=96\",\"caption\":\"Laura Valean\"},\"description\":\"Laura Valean is an executive editor with Commercial Property Executive and Multi-Housing News. 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