Jun 3, 2019

Blackstone's $18.7 billion warehouse buy from GLP

The Blackstone Group agreed to pay $18.7 billion to buy a portfolio of U.S. industrial warehouses, totaling 179 million square feet, from Singapore's GLP, which had been prepping an IPO of the business.

Why it matters: It's the largest such purchase in history and makes Blackstone an even more dominant player in U.S. real estate. It's also the private equity industry's latest "back to the future" deal, as Blackstone previously owned around half of the properties, selling them to GLP in 2015.

  • Caveat: There have been reports this is private equity's largest real estate deal ever, not just its largest logistics property deal, although that claim depends on how you characterize Blackstone's $39 billion purchase of Equity Office in 2007.

The bottom line: "The rise of Amazon — GLP’s biggest tenant — and other e-commerce companies has spurred demand for industrial warehouses. Valuations of publicly-traded warehouse owners have surged in some cases by 30% this year. Particularly prized are properties near big cities, which help solve the 'last-mile' puzzle posed by a move toward next-day delivery," writes the Wall Street Journal.

Go deeper: The race to dominate the $1.5 trillion business of moving stuff

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America's future looks a lot like Nevada

Illustration: Sarah Grillo/Axios

Today's Nevada caucus will foreshadow the future of American politics well beyond 2020.

Why it matters: The U.S. is in the midst of a demographic transformation, and the country's future looks a lot like Nevada's present. Today's results, in addition to shaping the 2020 race, will help tell us where politics is headed in a rapidly changing country.

Coronavirus spreads to more countries, and U.S. ups its case count

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The novel coronavirus continues to spread to more nations, and the U.S. reports a doubling of its confirmed cases to 34 — while noting those are mostly due to repatriated citizens, emphasizing there's no "community spread" yet in the U.S. Meanwhile, Italy reported its first virus-related death on Friday.

The big picture: COVID-19 has now killed at least 2,359 people and infected more than 77,000 others, mostly in mainland China. New countries to announce infections recently include Israel, Lebanon and Iran.

Go deeperArrowUpdated 15 hours ago - Health