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GLP Completes Acquisition Of US Portfolio Worth US$4.55 Billion
Daily Bulletin | 05 November 2015

Global Logistics Properties (GLP) has completed its acquisition of a US$4.55 billion portfolio and established US Income Partners II with China Life and two additional leading global institutional investors. Additional investors are expected to join GLP US Income Partners II by April 2016, with GLP retaining a stake of less than 10 percent.

GLP US Income Partners II acquired the US$4.55 billion portfolio from Industrial Income Trust at a 5.6 percent cap rate with GLP being the asset manager. The Class-A, state-of-the-art logistics portfolio is one of the highest quality industrial portfolios in the US and encompasses a total leasable area of approximately 57.9 million square feet across 20 major markets.

Given that 97 percent of the acquired portfolio overlaps with GLP’s existing US platform, GLP expects to see significant synergies which will lead to improved operating performance between the two portfolios and enhanced customer relationships globally.

The transaction enlarges GLP’s US footprint by 50 percent to 173 million square feet, with GLP becoming the second largest logistics property owner and operator in the US within a year of market entry. GLP is also the largest provider of modern logistics facilities in China, Japan and Brazil.

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