Real Estate

Blackstone to buy GLP’s US warehouses for $18.7bn

Blackstone has struck the largest private real estate deal in history, as the alternative investment manager agreed to buy the US warehouses portfolio of Singapore-based GLP for $18.7bn, including debt, said people briefed on the matter. 

The transaction, which will be announced on Sunday, follows a prolonged bidding war for the asset against Prologis, said one person informed about the deal. 

GLP’s industrial warehouse units across the US, which total roughly 180m square feet, will further expand Blackstone’s real estate business, solidifying the US group’s position as the world’s largest diversified property owner.

As part of the deal, Blackstone will also assume $8bn in net debt. News of the transaction was first reported by the Wall Street Journal.


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