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GLP wraps up US$1.1B US logistics portfolio buy

Global Logistic Properties Ltd. on Dec. 14 completed its acquisition of the initial assets in the US$1.1 billion logistics portfolio in the U.S. that it agreed to buy in September.

GLP funded the acquisition of the initial portfolio with US$635 million in debt and US$470 million of equity.

As disclosed when the deal was announced, it secured capital partners for the portfolio. It recently said that it formed a US$1.5 billion investment vehicle for the acquisition.

The initial assets are worth US$700 million, with the remaining US$400 million of development properties expected to be acquired in phases upon completion and full lease-up. The portfolio comprises 15 million square feet and will expand GLP's holdings in the U.S. to 187 million square feet.