NEW YORK private equity firm Blackstone has agreed to buy US$18.7 billion worth of assets from Singapore logistics firm GLP in a deal said to to be the largest private real-estate transaction ever, reports American Shipper. The transaction will see Blackstone buy assets from three of GLP's US funds, including 179 million square feet of urban, infill logistics assets, which would nearly double the size of Blackstone's existing US industrial footprint. Blackstone Real Estate's global opportunistic BREP strategy will acquire 115 million square feet for US$13.4 billion and its income-oriented non-listed REIT, Blackstone Real Estate Income Trust (BREIT) will acquire 64 million sq ft for US$5.3 billion. "Logistics is our highest conviction global investment theme today, and we look forward to building on our existing portfolio to meet the growing e-commerce demand," said BREIT chief executive Frank Cohen.