Photo: ShutterstockKirkland, Simpson Thacher Snag Roles on GLP's $18.7B Logistics Sale to Blackstone
The deal broke records and cemented relationships with two key clients for the firms.
June 03, 2019 at 03:08 PM
2 minute read
If anyone needed more evidence that online ordering and delivery is a very big deal for the U.S. economy, look no further than Monday's blockbuster acquisition by Blackstone Group. The private equity juggernaut picked up 179 million square feet of U.S. urban logistical assets—industrial warehouses and related infrastructure—from Singapore-based GLP for $18.7 billion.
Blackstone was advised by a team from Simpson Thacher & Bartlett led by New York-based partner Brian Stadler (M&A) and Sasan Mehrara (real estate). Kirkland & Ellis advised GLP, tapping a deal team led by New Yorker Michael Brueck and London-based Michael Steele.
Kirkland has handled a string of transactions for GLP since representing the consortium that took the Singapore-listed company private in an $11.6 billion 2017 buyout. Blackstone's relationship with Simpson Thacher goes way, way back, meanwhile, encompassing many billions of dollars in deals. The company's last two chief legal officers have been Simpson Thacher alums.
E-commerce giant Amazon.com is GLP's largest U.S. tenant, according to the company's latest annual report, followed by Whirlpool, Home Depot, FedEx and Ceva Logistics. Blackstone touted the acquisition as the largest-ever private real estate transaction globally.
GLP had scaled up its U.S. business since entering the U.S. in 2015 to become the second largest logistics player in the market, behind only Prologis, another potential buyer ahead of Monday's deal. GLP was pursuing two tracks to unloading the U.S. assets: one as a private seller, the other looking at a potential IPO, according to a source familiar with the deal.
Blackstone, meanwhile, continues to expand its logistics presence both in the U.S. and globally. The company has acquired more than 930 million square feet of logistical assets and property since 2010.
“Logistics is our highest conviction global investment theme today, and we look forward to building on our existing portfolio to meet the growing e-commerce demand,” said Ken Caplan, global co-head of Blackstone Real Estate, in a statement.
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