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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

Go deeper

Ina Fried, author of Login
8 mins ago - Technology

Intel CEO sees making own chips as a matter of national security

Pat Gelsinger. Photo: Axios on HBO

Intel CEO Pat Gelsinger is putting the pressure on the U.S. government to help subsidize chip manufacturing, insisting the current reliance on plants in Taiwan and Korea as "geopolitically unstable."

Why it matters: There is bipartisan support for funding the domestic semiconductor industry, but Congress has yet to sign the check. The Senate has passed the CHIPS Act that includes $52 billion in semiconductor investment, but it has yet to pass the House.

Updated 11 mins ago - World

17 U.S. and Canadian missionaries kidnapped in Haiti

Haitian soldiers guard the public prosecutor's office in Port-au-Prince this month. Photo: Richard Pierrin/AFP via Getty Images

Children are among a group of 17 missionaries kidnapped in Port-au-Prince, Haiti, per a statement from Christian Aid Ministries Sunday.

The latest: "The group of 16 U.S citizens and one Canadian citizen includes five men, seven women, and five children," the Ohio-based group said. Haitian police inspector Frantz Champagne on Sunday identified the 400 Mawozo gang as the group responsible, in a statement to AP.

Ina Fried, author of Login
2 hours ago - Technology

Intel CEO wants to compete against Apple

Intel CEO Pat Gelsinger hasn't given up on the idea of the Mac once again using Intel chips, but he acknowledges it will probably be years before he gets that chance.

  • In the meantime, he is focused on powering Windows machines that give Apple CEO Tim Cook a run for his money.

Why it matters: In getting pushed out of the Mac, Intel not only lost a customer but picked up a new rival.

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