The Wall Street Journal was first to report the news.
GLP, based in Singapore, has been rumored to be considering an initial public offering (IPO) of his U.S. operations, but that seems to be on the back burner now. Any deal for GLP's properties, which could come as soon as this week, the Journal reported, could be worth as much as $20 billion.
GLP has $16 billion assets under management (AUM) in the U.S., making it the second-largest operator in the U.S. It controls $64 billion AUM globally. It's largest client in the U.S. is Amazon.
Prologis is the largest owner of industrial real estate in the U.S. with warehouses spanning the country, from ports on both coasts to regional distribution hubs and rail and intermodal facilities. Its holdings cover 455 million square feet of space across 2,486 properties.
Blackstone is an investment firm with $512 billion AUM.
Earlier this month, GLP joined with Allianz Real Estate to commit $600 million investment in real estate and logistics assets in China and Japan.
"This partnership is a strong strategic fit, leveraging Allianz Real Estate's reputation and history as an investment and asset manager for real estate and GLP's investment expertise, operational excellence and global scale," said Ming Mei, Co-Founder and CEO of GLP. "We look forward to building our relationship with Allianz Real Estate across our markets."
GLP was initially formed in 2009 when Prologis China and Japan businesses were acquired by the government of Singapore, which rebranded them GLP. In 2015, GLP, acquired warehouse properties from Blackstone for $8.1 billion.
Prologis Ventures, the venture capital arm of Prologis, Inc., is an investor in FreightWaves.
Image sourced from Pixabay
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