GLP Makes Second US Buy Worth Billions

CHICAGO—Post closing, the deal for the Industrial Income Trust portfolio will make Global Logistics Properties the second-largest US industrial operator.

By Paul Bubny | Updated on July 28, 2015

CHICAGO—Less than six months after closing on its $8.1-billion acquisition of the Blackstone Group’s IndCor industrial platform, Global Logistics Properties has made another US mega-deal. The Shanghai-based company said Tuesday afternoon it had agreed to acquire a 100-property portfolio from Industrial Income Trust for $4.55 billion.

Acquired in 100 separate transactions, the 58-million-square-foot portfolio spans 20 major markets across the US, with the greatest concentration in Los Angeles, the Washington, DC metro area and Pennsylvania. GLP expects to close on the deal by mid-November, at which time it will own 100% of the IIT portfolio. Then, as it did with its IndCor stake, it will syndicate most of the ownership to institutional investors, with the goal of paring down its own interest to 10% by April 2016.

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