Global Logistics Properties (GLP), Chicago, entered into a definitive agreement to acquire a $1.1 billion U.S. logistics portfolio from Hillwood Development Co., LLC, Dallas, Texas. A $700 million portfolio is in the process of being acquired in December, with the remaining $400 million development portfolio to be acquired in phases upon completion and full lease-up.
“The portfolio being acquired from Hillwood is one of the highest-quality logistics real estate portfolios in the U.S.,” says Chuck Sullivan, president and COO of GLP US. “This transaction, which will be immediately accretive to GLP, demonstrates our ability to leverage our existing platform to pursue enhanced network benefits in the strongest U.S. markets.”
The portfolio is being acquired from Hillwood, a premier property developer in the United States, sponsored by Ross Perot, Jr. The 15 million-square-foot portfolio enlarges GLP’s U.S. footprint to 187 million square feet, with the United States representing 8%. GLP is said to be the second largest logistics property owner and operator in the United States and the largest in China, Japan and Brazil.