Private-equity giant Blackstone Group  (BX) - Get Report   agreed acquire the U.S. e-commerce logistics assets of three funds managed by Singapore's GLP for $18.7 billion in a move seen as a big nod to the future of online shopping.

Blackstone's Real Estate's global opportunistic BREP strategy will acquire 115 million square feet for $13.4 billion and its income-oriented non-listed REIT, Blackstone Real Estate Income Trust (BREIT), will acquire 64 million square feet for $5.3 billion, the companies said in a joint statement.

The deal, dubbed by Blackstone as the world's biggest in private equity to date, makes the New York-based private-equity firm one of the larger U.S. owners and operators of warehouses, shipping centers and related logistics assets focused on e-commerce sales and deliveries. 

"Logistics is our highest conviction global investment theme today, and we look forward to building on our existing portfolio to meet the growing e-commerce demand," Ken Caplan, the global co-head of Blackstone Real Estate, said in the statement.

Singapore-based GLP is a global investment manager with $64 billion in assets under management in real estate and private-equity funds. Its real estate fund platform is one of the largest in the world, spanning 785 million square feet.

Citigroup Global Markets and Goldman Sachs served as financial advisors to GLP. BofA Merrill Lynch BOA, Barclays, Deutsche Bank, J.P. Morgan and Morgan Stanley served as financial advisors to Blackstone. Simpson Thacher & Bartlett served as legal counsel to Blackstone.

Shares of Blackstone closed up .84% at $43.05 on the New York Stock Exchange on Monday.