GLP to buy 200 U.S. warehouses for $4.6b
Global Logistic Properties has agreed to buy 200 U.S. warehouse properties from Industrial Income Trust for $4.6 billion in one of the largest real estate deals of the year.
It marks GLP’s second U.S. acquisition this year and will turn GLP into the second-largest modern logistics outfit in the country, second only to Prologis. The Singapore-based company is buying approximately 58 million square feet of space in 20 different U.S. markets, and will put 173 million square feet of space under GLP’s control. In a statement, GLP said it intends to put Industrial Income Trust’s portfolio into its fund management platform.
The 200-property portfolio is 93 percent leased on average, and has a weighted average lease expiration of almost five and a half years. The portfolio also has a strong tenant mix, including Amazon, Home Depot and Samsung.
GLP believes the U.S. market represents a good opportunity for future growth given that the rising