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Business deals

GLP reduces US footprint with $18bn warehouse sale to Blackstone

Under new Chinese owners, Singapore-based logistics giant shifts focus to Asia and Europe

An Amazon fulfillment center in Baltimore, Maryland. E-commerce has given logistics real estate a boom in recent years.   © Reuters

NEW YORK -- GLP, Asia's largest warehouse property owner, has reached a deal to sell its U.S. warehouses, including those used by Amazon, to Wall Street firm Blackstone for $18.7 billion, including debt.

With the move, the Singapore-based company -- which was bought out by a Chinese consortium in 2018 -- would reduce its footprint in the U.S. as it builds up new investment funds in Asia and Europe.

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