Blackstone and Abu Dhabi-based Lunate are creating a $5 billion platform to invest in logistics assets across the Gulf region, the firms announced Monday.
The new venture, named GLIDE, will focus on high-quality warehouse assets, with a strategy centered on greenfield developments within the Gulf Cooperation Council (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE). The platform will also pursue select portfolio acquisitions and sale-and-leaseback transactions with leading regional businesses.
Blackstone, the world’s largest alternative asset manager with $1.2 trillion under management, has been expanding its Gulf footprint. Just last month, it teamed with Permira to acquire a $525 million minority stake in Dubai-based classifieds firm Property Finder.
Jon Gray, Blackstone’s president and COO, said the GCC’s transformation, driven by pro-growth policies, favorable demographics, and economic diversification, is fueling momentum for logistics investment.
The GLIDE platform is expected to attract additional strategic partners and will establish dedicated regional teams to support its expansion.
Source: Reuters
