Global Logistic Properties (GLP) is to acquire $1.1bn (€979m) of US logistics assets from the Hillwood Development Company.

GLP said a first tranche of $700m of developed buildings would be acquired by the end of this year.

The remaining $400m, consisting of projects under development, will be acquired in phases on completion and full leasing.

GLP expects to sign by initial closing in December, with the company retaining a stake of about 10%.

The deal is expected to be funded by $470m of equity and $635m of debt.

Chuck Sullivan, president and COO at GLP US, said the portfolio would be immediately accretive to GLP.

Post-acquisition, GLP will rank as the second-largest owner and operator of logistics facilities in the US with “no additional overhead”.

The company has been diversifying its exposure from China, where it is the single largest developer, owner and operator of logistics assets.

It is also the largest logistics player in Japan and Brazil.

GLP settled on its first US acquisition, the $8.1bn IndCor Properties, owned by Blackstone, in February last year.

It then invested in unlisted, Denver-based Industrial Income Trust for $4.55bn.

In an interview with IPE Real Estate this year, Seek Ngee Huat, GLP’s chairman, said the deals would not have been done without the support of its investors.

Its latest transaction in the US was undertaken with the support of investors seeking exposure to the US, seen as one of the better-performing economies in the world.

The Hillwood portfolio is leased to tenants including Amazon, FedEx and DHL, with a weighted average lease expiry of nine years.