DUBAI (Reuters) -Blackstone and Abu Dhabi’s Lunate plan to set up a platform that will target investments in logistics assets in the Gulf region worth $5 billion, the two alternative investment managers said in a statement on Monday.
Under a strategic partnership, the GLIDE platform will target “high-quality warehouse assets”, targeting mainly greenfield developments and focusing on the Gulf Cooperation Council alliance that comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
It will also focus on selective portfolio acquisitions and sale-and-leaseback transactions with leading regional businesses, they said without providing more details.
Blackstone, the world’s largest alternative asset manager with $1.2 trillion under management, has been expanding its investment in the Gulf, and last month acquired with private equity firm Permira a $525 million minority stake in Dubai-based classifieds firm Property Finder.
“The profound economic transformation underway in the GCC, driven by pro-growth policies, favorable demographic shifts and broad-based economic diversification, is creating powerful momentum for sectors like logistics,” Blackstone President and Chief Operating Officer Jon Gray said in the statement.
GLIDE is expected to attract more strategic partners from the region and will have dedicated teams there, supporting its build-out, the two firms said.
(Reporting by Federico MaccioniEditing by Tomasz Janowski)
