(Bloomberg) -- Blackstone Group LP has outbid Prologis Inc. with a $18.7 billion offer to buy a group of U.S. industrial warehouses from Singapore's GLP Pte in the largest private real estate transaction, the Wall Street Journal reported.
The purchase, which includes about 1,300 properties spanning 180 million square feet of space, would make Blackstone one of the largest owner of U.S. logistics buildings, the newspaper said, citing people familiar with matter, who weren't identified. The transaction could be announced as early as Sunday, it added.
The amount includes about $8 billion of debt, which Blackstone plans to refinance, the newspaper said. The sale came as GLP, which had wanted to take its U.S. business public later this year, switched plans following buyout interest, it said.
Blackstone plans to split up the portfolio, putting about two-thirds into its opportunistic real estate strategy, with the rest in a private real estate investment trust, the Journal reported.
The surge in business for Amazon.com Inc., GLP's biggest tenant, has driven demand for warehouse space, the newspaper said.
To contact the reporter on this story: Jim Jia in Sydney at jjia1@bloomberg.net
To contact the editors responsible for this story: Niluksi Koswanage at nkoswanage@bloomberg.net, Linus Chua, Steve Geimann
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