Blackstone is spending $18.7 billion to buy a network of warehouses. It’s the largest private real estate deal ever and a bet on the continued growth of e-commerce.
The seller is GLP, a global investment manager based in Singapore. Its largest tenant is Amazon (AMZN), according its most recent annual report, and FedEx (FDX) is also among its largest US tenants.
GLP said it is the second-largest owner of US logistics real estate assets with properties across 36 major markets. Warehouse space close to major cities is of increasing importance to e-commerce providers, such as Amazon, and shipping companies, such as FedEx, as they strive to provide next-day or same-day service to customers.
Investment firm Blackstone (BX), which has more than $500 billion in assets under management, will purchase 179 million square feet of space in the United States from GLP in this deal. That is equal to the floor space of more than 27 Pentagon buildings.
Blackstone said logistics is its highest investment priority today. It said the company wants to build on its portfolio to meet growing e-commerce demand. Including this transaction, it has acquired more than 930 million square feet of logistics space globally since 2010.
Even so, Blackstone had two major problems. It was an American firm eroding the stock of cheap housing, and it had partnered with a businessman who hurtled through the city like obnoxious startup founder. Certain acquisitions became particularly notorious.
(NYSE: PLD) is a San Francisco-based industrial REIT that owns and manages 4,914 industrial logistics properties from New York to California and in 18 other countries.
According to the latest TipRanks data, approximately 20.83% of the company's stock is held by institutional investors, 12.86% is held by insiders, and 40.25% is held by retail investors. Vanguard owns the most shares of Blackstone Group (BX).
Bill Gates joined the battle for Signature Aviation, allying with Blackstone Group's $4.3 billion approach for the world's biggest operator of private jet bases.
The contractor, Contegra, had previously been named in the suit. The firm also built another Amazon facility in Edwardsville and one in nearby Pontoon Beach, according to its website. A spokesperson for Contegra did not immediately respond to a request for comment.
How does Amazon own and manage its warehouses? Amazon owns and operates its warehouses to store its vast inventory. These warehouses are strategically located across the globe to ensure proximity to customers and efficient order fulfillment.
The Blackstone Group has an overall rating of 4.1 out of 5, based on over 788 reviews left anonymously by employees. 72% of employees would recommend working at The Blackstone Group to a friend and 86% have a positive outlook for the business. This rating has been stable over the past 12 months.
Fink wanted to share equity with new hires, to lure talent from banks, unlike Schwarzman, who did not want to further lower Blackstone's stake. They agreed to part ways, and Schwarzman sold BlackRock, a decision he later called a "heroic mistake."
The plant-based brand is facing consumer backlash following a recent investment round led by Blackstone – a name muddied by alleged ties with deforestation in the Amazon.
Meanwhile, other key performance metrics lagged in 2023 due to real estate market weakness and high interest rates that stifled deals and investments. Blackstone's opportunistic real estate funds declined 3.8% in the fourth quarter and 6.3% for the year.
Introduction: My name is Terence Hammes MD, I am a inexpensive, energetic, jolly, faithful, cheerful, proud, rich person who loves writing and wants to share my knowledge and understanding with you.
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