Dive Brief:
- Singapore's Global Logistic Properties has reached a deal to purchase distribution centers totaling 15 million square feet from Hillwood Development.
- GBL has been buying distribution centers in the U.S. for the past two years.
- Even with this latest purchase, GLP remains the second-largest logistics property company in the U.S. with 200 million square feet. The largest real estate investment trust is Prologis Inc. which has 325 million square feet.
Dive Insight:
Location represents a major part of the appeal for GLP. Hillwood properties are in major logistics hubs; Dallas, Pennsylvania, Ohio, Atlanta, Chicago and Los Angeles. Online shopping and the demand for shorter shipping windows continues to push the need for more warehouse space. Those locations are central to doing business with the major retailers.
GLP's President and Chief operating officer, Chuck Sullivan said, "The portfolio being acquired from Hillwood is one of the highest quality logistics real estate portfolios in the US."
