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Prologis, Blackstone bid for warehouse business; Kushner lands $800M financing

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Prologis, Blackstone bid for warehouse business; Kushner lands $800M financing

Commercial real estate

* U.S. industrial real estate investment trust Prologis Inc. and Blackstone Group LP made separate bids to acquire the U.S. division of Singapore-based warehouse operator GLP Pte. Ltd., The Wall Street Journal reported, citing people with knowledge of the matter.

The GLP business could be valued at about $20 billion, including debt, and a deal could be reached as early as the week of May 27, the people told the publication. After initially considering an IPO later in 2019, GLP is mainly focusing on an outright sale of the business.

* Kushner Cos. LLC secured about $800 million in debt, backed by government-owned Freddie Mac, to fund its $1.15 billion apartments acquisition, Bloomberg News reported. The real estate company bought the apartments in Maryland and Virginia using the loan from Berkadia, the news outlet added, citing a person familiar with the matter.

The deal heightens the government's exposure to the company, which is owned by the family of President Donald Trump's son-in-law Jared Kushner, according to the report.

* WeWork Cos. Inc. signed four leases in Manhattan, N.Y., for its Headquarters by WeWork division, which caters to medium-sized businesses, during the week commencing May 20, The Real Deal reported.

In addition to leasing roughly 52,000 square feet at 550 Seventh Ave., the flexible workspace provider agreed with APF Properties LLC for 110,000 square feet across 25 W. 45th St., 28 W. 44th St. and 183 Madison Ave.

* WeWork rival Knotel Inc. signed two leases with Thor Equities LLC for properties along Fifth Avenue in Midtown Manhattan, Commercial Observer reported, citing Thor Chairman and CEO Joseph Sitt. Thor confirmed that Knotel will occupy 11,800 square feet across two floors at the 19-story 590 Fifth Ave. building. The company will also open a 6,400-square-foot location at 597 Fifth Ave.

* Glenwood landed $102 million refinancing for its 37-story residential building, dubbed The Somerset, on Manhattan's Upper East Side, The Real Deal reported, citing property records. Prudential Multifamily Mortgage provided the Fannie Mae-backed loan for the 490-unit property at 1365 York Ave.

* Data center REIT QTS Realty Trust Inc. signed a 10-year agreement to purchase renewable energy to meet the expected electricity requirements of its data centers in Chicago and Piscataway, N.J. The deal, signed alongside Citigroup Energy Inc. and Calpine Energy Solutions LLC brings to three the number of data centers in the REIT's portfolio that use 100% renewable energy, including its facility in Irving, Texas.

* Contour Development Group LLC paid approximately $93.5 million to acquire three multifamily properties, offering 1,816 units in Birmingham, Ala., from an unidentified Texas-based real estate firm, according to a release from listing broker Cushman & Wakefield PLC.

Included in the deal, which is the largest in the Birmingham market in the past five years, is The Park at Buckingham and The Park at Callington and Carlyle, comprising 583 and 1,233 units, respectively.

* Commercial real estate owner KBS renewed Cushman & Wakefield's lease for 39,565 square feet at its Northland Center in Bloomington, Minn. The property spans 492,514 square feet, according to a release.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng rose 0.32% to 27,353.93, while the Nikkei 225 was down 0.16% to 21,117.22.

In Europe, around midday, the FTSE 100 was up 0.75% to 7,285.09, and the Euronext 100 increased 0.37% to 1,039.60.

On the macro front

The durable goods orders report and the Baker-Hughes Rig Count are due out today.

Now featured on S&P Global Market Intelligence

Data Dispatch: US REIT ATM program usage soars in Q1'19, marking new all-time quarterly high: Thirty-eight U.S. REITs took advantage of their at-the-market programs during the first quarter of 2019 to raise $2.97 billion in aggregate, a quarterly high for the sector.

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