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China-based Global Logistics Properties to Acquire Industrial Portfolio for $4.55B


China-based Global Logistics Properties has agreed to purchase a 100-property portfolio from Industrial Income Trust for $4.55B. The deal will be closed over the course of 100 separate transactions and result in GLP owning 100% of IIT’s portfolio upon closing in November. The portfolio comprises 58M SF of logistics assets spanning 20 major markets across the US, with the largest concentration in Los Angeles, metro DC and Pennsylvania. GLP acquires the portfolio at a 5.6% cap rate and will fund the transaction with cash on hand and existing credit facilities. It expects to reduce its stake to 10% by April 2016 due to strong demand from institutional investors. The transaction increases GLP’s US footprint by 50% to 173M SF and makes it the second-largest logistics property owner and operator in the US.