Singapore-listed Global Logistic Properties is acquiring the US logistics portfolio of Hillwood Development Co for US$1.1 billion ($1.5 billion). The portfolio includes Laraway Crossing in Chicago.

Hillwood Development is founded by Ross Perot Jr, the son of billionaire Texas businessman and former US presidential candidate Ross Perot.

The acquisition, to be carried out in phases, will begin with an initial acquisition of US$700 million worth of assets in December. The remaining assets under development will be acquired in phases upon completion and full lease-up.

According to GLP, the transaction is expected to be funded by US$470 million of equity and US$635 million of debt. GLP is the second-largest logistics property owner and operator in the US and the largest in China, Japan and Brazil.