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BREAKING NEWS

BREAKING NEWS

Blackstone to buy warehouses from Singapore-based GLP for $18.7 billion - WSJ

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(Reuters) – Blackstone Group LP is buying a network of U.S. industrial warehouses from Singapore-based GLP for $18.7 billion (£14.8 billion), including debt, the Wall Street Journal reported on Sunday https://on.wsj.com/2IchlBR.

The deal, concluding with an auction, could be announced as soon as Sunday, the report said, citing people familiar with the matter.

The deal price includes around $8 billion of debt, which Blackstone plans to refinance, the Journal reported, citing one of the people.

Blackstone and real-estate company Prologis Inc were separately bidding for the portfolio, which included about 1,300 properties, but Blackstone outbid Prologis, the WSJ report said.

Blackstone and GLP did not immediately respond to Reuters’ request for comments.

(Reporting by Sabahatjahan Contractor; Editing by Will Dunham)

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