• ITVI.USA
    15,411.130
    -4.180
    0%
  • OTLT.USA
    2.740
    -0.021
    -0.8%
  • OTRI.USA
    21.110
    0.000
    0%
  • OTVI.USA
    15,375.870
    -11.650
    -0.1%
  • TSTOPVRPM.ATLPHL
    3.300
    0.000
    0%
  • TSTOPVRPM.CHIATL
    3.140
    0.190
    6.4%
  • TSTOPVRPM.DALLAX
    1.590
    0.150
    10.4%
  • TSTOPVRPM.LAXDAL
    3.330
    0.020
    0.6%
  • TSTOPVRPM.PHLCHI
    2.170
    0.020
    0.9%
  • TSTOPVRPM.LAXSEA
    4.080
    0.130
    3.3%
  • WAIT.USA
    125.000
    -1.000
    -0.8%
  • ITVI.USA
    15,411.130
    -4.180
    0%
  • OTLT.USA
    2.740
    -0.021
    -0.8%
  • OTRI.USA
    21.110
    0.000
    0%
  • OTVI.USA
    15,375.870
    -11.650
    -0.1%
  • TSTOPVRPM.ATLPHL
    3.300
    0.000
    0%
  • TSTOPVRPM.CHIATL
    3.140
    0.190
    6.4%
  • TSTOPVRPM.DALLAX
    1.590
    0.150
    10.4%
  • TSTOPVRPM.LAXDAL
    3.330
    0.020
    0.6%
  • TSTOPVRPM.PHLCHI
    2.170
    0.020
    0.9%
  • TSTOPVRPM.LAXSEA
    4.080
    0.130
    3.3%
  • WAIT.USA
    125.000
    -1.000
    -0.8%
American ShipperInfrastructure

GLP buys massive logistics property portfolio from IIT

Singapore-based GLP’s $4.55 billion acquisition of IIT’s logistics assets will make it second largest logistics property owner and operator in the United States within a year of market entry, the company said.

   GLP, a Singapore-based provider of logistics facilities, will acquire the U.S. logistics portfolio of Industrial Income Trust (IIT) for $4.55 billion, according to a statement from GLP.
   Closing for the acquisition is expected Nov. 16. GLP said it expects to own 100 percent of the portfolio at closing and “pare down” its stake to 10 percent by April 2016.
   “Demand from major institutional investors to invest with GLP in US logistics real estate is strong, with GLP in negotiations with several new and existing capital partners,” the firm said.
   GLP’s logistics portfolio now comprises 58 million square feet of assets spread across 20 markets. The largest markets for the company are Los Angeles, Metro D.C. and Pennsylvania. The portfolio was 93 percent leased as of June 30, the company said.
   The acquisition of IIT’s assets will enlarge GLP’s U.S. footprint by 50 percent to 173 million square feet, making GLP the second largest logistics property owner and operator in the United States within a year of market entry. GLP also has logistics facilities in China, Japan and Brazil. 
   “We feel particularly good about the quality and location of the facilities, which have an average building age of 15 years and a strong concentration in major distribution markets,” Stephen Schutte, GLP’s chief operating officer, said in a statement. “We are excited about the synergies the combined portfolio is expected to generate and see upside potential from increasing occupancy and rents.”

Chris Gillis

Located in the Washington, D.C. area, Chris Gillis primarily reports on regulatory and legislative topics that impact cross-border trade. He joined American Shipper in 1994, shortly after graduating from Mount St. Mary’s College in Emmitsburg, Md., with a degree in international business and economics.

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