SINGAPORE (June 3): Blackstone Group is making a huge bet on the future of e-commerce, agreeing to buy US$18.7 billion ($25.7 billion) of US logistics assets from Singapore’s GLP in what it says is the world’s biggest private-equity real estate deal.

The deal gives Blackstone 179 million square feet of urban logistics assets, almost doubling the size of its US industrial footprint, the New York-based company said in a statement late Sunday.

Blackstone triumphed in an auction that drew bids from Prologis Inc and Brookfield Asset Management Inc, according to a person with knowledge of the matter. Melissa Sachs, a spokeswoman for Prologis, declined to comment. A representative for Brookfield didn’t immediately respond to a request for comment.

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