Global Logistic to tap credit facilities for $4.55 billion purchase

By Wendy Van Sickle

Columbus, Ohio, July 29 – Global Logistic Properties Ltd. plans to draw from its existing credit facilities to fund part of an acquisition of a $4.55 billion U.S. logistics portfolio, according to a press release.

The company said it has about $2.9 billion in long-term commitments available as well as about $2.3 billion in cash on hand that it will also tap into for the acquisition. It does not expect to issue additional equity for the purchase.

Global Logistic announced Wednesday that it had entered into a definitive agreement to acquire the portfolio from Industrial Income Trust. It expects closing by Nov. 16.

Global Logistic Properties is a Singapore-based provider of logistics facilities.

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