Blackstone Group LP is buying a network of U.S. industrial warehouses from Singapore-based GLP for $18.7 billion, including debt, in the largest private real-estate transaction ever.
The deal, culminating an auction, could be announced as soon as Sunday, people familiar with the matter said. Blackstone BX, -3.57% outbid real-estate company Prologis Inc. PLD, +0.48% for the roughly 180-million-square-foot portfolio, the people said.
The deal price includes about $8 billion of debt, one of the people said, which Blackstone plans to refinance.
The Wall Street Journal reported last month that Blackstone and Prologis were vying for the portfolio, which includes about 1,300 properties. GLP will keep a small footprint in the U.S. in addition to its substantial holdings in China, plus newer inroads into Europe and Latin America. The rise of Amazon.com Inc.
AMZN, -2.27% —GLP’s biggest tenant — and other e-commerce companies has spurred demand for industrial warehouses.
An expanded version of this report appears on WSJ.com.
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