Global Logistic to Buy U.S. Warehouses for $4.55 Billion
ByGlobal Logistic Properties Ltd. agreed to buy more than 200 warehouses from Industrial Income Trust Inc. for $4.55 billion in a deal that will make it the second-largest owner of U.S. industrial real estate.
In its second American acquisition this year, Singapore-based GLP will purchase assets that comprise 58 million square feet (5.4 million square meters) in 20 major markets, including Los Angeles, Washington and Pennsylvania, GLP said in a statement Wednesday.
The deal will increase GLP’s U.S. assets by 50 percent to 173 million square feet, and the company will surpass Duke Realty Corp. to be the country’s second-biggest owner of industrial real estate, after Prologis Inc. The acquisition also will increase GLP’s revenue from fund-management fees by about 50 percent, said Chief Executive Officer Ming Mei…
Global Logistic to Buy U.S. Warehouses for $4.55 Billion
