The Firm is representing Blackstone in connection with its acquisition of assets from three of GLP’s U.S. funds for a purchase price of $18.7 billion.
The overall transaction totals 179 million square feet of urban, infill logistics assets, nearly doubling the size of Blackstone’s existing U.S. industrial footprint. Inclusive of this transaction, Blackstone will have acquired over 930 million square feet of logistics globally since 2010. Blackstone Real Estate’s global opportunistic BREP strategy will acquire 115 million square feet for $13.4 billion and its income-oriented non-listed REIT, Blackstone Real Estate Income Trust (BREIT), will acquire 64 million square feet for $5.3 billion.
This transaction represents the largest-ever private real estate transaction globally and follows the Firm’s representation of Blackstone on a number of other multi-billion dollar logistics transactions throughout the world. The Firm represented Blackstone in its sale of logistics assets to GLP for $8.1 billion, its sale of its pan European logistic company, Logicor, to China Investor Corporation for €12.25 billion and in its acquisitions of Gramercy Property Trust for $7.6 billion, Pure Industrial Real Estate Trust for C$3.8 billion and assets from Cabot Properties for $1.8 billion.
The Simpson Thacher team includes Sas Mehrara, Davis Coen, Danielle Jackson, Sarah Green, Kathryn Christoforatos, Ari Goldman, Brittany Baclawski, Amy Oster and Andrew Richner (Real Estate); Brian Stadler, Matthew Rogers, Michael Chao and Amanda Ng (M&A); Nancy Mehlman, Jodi Schneider and Edward Grais (Tax); Edgar Lewandowski, Benjamin Wells and Eva Kang (Capital Markets); Andrew Blau, Brian Robbins, Jeanne Annarumma, Monisha Bhayana and Jake Phillips (Executive Compensation and Employee Benefits); Michael Wolitzer, Jonathan Karen, Peter Vassilev, Drew Harmon and Michael Milano (Funds); and Genevieve Dorment (Intellectual Property). Summer associates John Collins, Alexa Effron, Allison Moore and Seo Park also provided invaluable assistance.