Deals
Blackstone Bets $18.7 Billion on Amazon Effect in Warehouse Deal
- Purchase will nearly double Blackstone’s industrial footprint
- Warehouses added to help ‘meet the growing e-commerce demand’
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The mall is now a warehouse, and Blackstone Group LP is betting $18.7 billion on the shift.
That’s how much the alternative investment manager is paying for 179 million square feet of urban logistics properties -- the warehouses used by Amazon.com Inc. and other retailers to fulfill orders from online shoppers. The deal with Singapore’s GLP Pte, the second-largest owner of U.S. logistics real estate, will almost double Blackstone’s U.S. industrial footprint.