Blackstone Completes the Acquisition of U.S. Logistics Assets from GLP, Adding to Firm’s Leading Global Portfolio
September 26 2019 - 1:19PM
Business Wire
Blackstone (NYSE:BX) today announced that it has closed on its
previously announced acquisition of U.S. logistics assets from
three of GLP’s U.S. funds for a purchase price of $18.7
billion.
As previously announced, Blackstone Real Estate’s global
opportunistic BREP strategy is acquiring 115 million square feet
for $13.4 billion and its income-oriented non-listed REIT,
Blackstone Real Estate Income Trust (BREIT), is acquiring 64
million square feet for $5.3 billion.
Blackstone and GLP announced the transaction on June 2,
2019.
Citibank, Deutsche Bank Securities Inc., BofA Merrill Lynch,
J.P. Morgan, Goldman Sachs & Co. LLC, Barclays, Wells Fargo,
Nuveen and Prudential are providing financing for the acquisition.
Simpson Thacher & Bartlett served as legal counsel to
Blackstone.
BofA Merrill Lynch, Barclays, Deutsche Bank Securities Inc.,
J.P. Morgan and Morgan Stanley & Co. LLC served as financial
advisors to Blackstone. Citigroup Global Markets Inc., Eastdil
Secured LLC and Goldman Sachs & Co. LLC served as Blackstone’s
financing advisor.
About Blackstone Real Estate
Blackstone is a global leader in real estate investing.
Blackstone’s real estate business was founded in 1991 and has $154
billion of investor capital under management. Blackstone is one of
the largest property owners in the world, owning and operating
assets across every major geography and sector, including
logistics, multifamily and single family housing, office,
hospitality and retail. Our opportunistic funds seek to acquire
undermanaged, well-located assets across the world. Blackstone’s
Core+ strategy invests in substantially stabilized real estate
globally through regional open-ended funds focused on high-quality
assets, and Blackstone Real Estate Income Trust, Inc. (BREIT), a
non-listed REIT that invests in U.S. income-generating assets.
Blackstone Real Estate also operates one of the leading global real
estate debt businesses, providing comprehensive financing solutions
across the capital structure and risk spectrum, including
management of Blackstone Mortgage Trust (NYSE: BXMT).
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version on businesswire.com: https://www.businesswire.com/news/home/20190926005785/en/
Jennifer Friedman Jennifer.Friedman@blackstone.com Tel: (212)
583-5122
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