GLP to buy 200 US warehouses for US$4.6b
Singapore’s Global Logistic Properties has agreed to buy 200 US warehouse properties from Industrial Income Trust for US$4.55 billion in one of the largest real estate deals of 2015.
It marks GLP’s second US acquisition this year and will turn GLP into the second-largest modern logistics outfit in the United States, second only to Prologis. GLP is buying approximately 5.4 million square metres of space in 20 different US markets. This deal, combined with GLP’s current foothold in the United States, will put a total of 16.1 million square metres of US 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.com Inc, Home Depot and Electronics Co.