Hillwood sells $1.1 billion in industrial properties

Ross Perot Jr.’s Hillwood Development is selling $1.1 billion of its warehouse properties to an international investor.

Global Logistic Properties, a Singapore-based firm, said the purchase includes industrial buildings in North Texas, Atlanta, Chicago, Los Angeles, Ohio and Pennsylvania.

The 15 million square feet of buildings are fully leased.

Global Logistic Properties said it expects to complete the first $700 million in acquisitions by December. The remaining purchases will be completed as the buildings are completed and leased.

The buyer plans to fund the acquisition with $470 million in equity and finance the remainder of the purchase.

“The portfolio being acquired from Hillwood is one of the highest quality logistics real estate portfolios in the U.S.,” Chuck Sullivan, President and Chief Operating Officer of GLP US, said in a statement. “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 US markets.”

Hillwood is one of the largest industrial developers in North Texas. Its 18,000-acre AllianceTexas development in far north Fort Worth is home to more than 400 companies and has more than 37 million square feet of buildings.

Major industrial tenants at AllianceTexas include Amazon, Wal-Mart and FedEx.

Global Logistic Properties says it’s the second largest logistics property owner and operator in the U.S. and the largest in China, Japan and Brazil. The company has 187 million square feet of industrial properties across the country.

The Hillwood purchase is the company’s third major U.S. industrial building portfolio acquisition in the last few years.

This story was originally published September 13, 2016 at 10:30 AM with the headline "Hillwood sells $1.1 billion in industrial properties."