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Blackstone acquires industrial warehouse portfolio

Stephen Schwarzman. Photo: Bloomberg News

The Blackstone Group has acquired a portfolio of U.S. industrial warehouses from Singapore-based GLP for $18.7 billion. The deal spans 180 million SF, and includes around $8 billion of debt.

Setting records: Blackstone outbid Prologis to win the largest private real-estate transaction ever. The deal makes the private equity giant one of the largest owners of U.S. logistics properties, expanding its holdings to about 750 million SF, according to the WSJ.

Worth Noting: Valuations of publicly traded warehouse owners have surged by around 30% this year

Sign of the times… Rental rates in industrial real-estate markets have increased more than 5 percent annually in the last two years. With exponential growth in e-commerce driven by macro-economic changes, demand for such properties continues to increase. Availability rates for warehouse space reached an 18 year low of 7.7 percent last year. (WSJ)

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