Global Logistic Properties, a warehouse owner part-owned by Singapore's sovereign-wealth fund, said Tuesday it is acquiring about 200 U.S. warehouses for $4.6 billion in one of the largest real estate deals of the year.

The deal, which has been signed but not yet closed, marks a further expansion of Global Logistic's foothold in U.S. industrial property. Late last year, the company and GIC Pte. Ltd., the sovereign-wealth fund, joined to buy IndCor Properties, another large warehouse portfolio, from buyout firm Blackstone Group LP for $8.1 billion.

This latest Global Logistic purchase would mark the second-largest real estate acquisition of the year by dollar value. The company is buying roughly 58 million square feet of space in 20 different U.S. markets from Industrial Income Trust, making GLP the second-largest logistics property owner and operator in the U.S., with 173 million square feet of space under its control, according to the company.

The acquisition follows Global Logistic's announcement last week that it will start a $7 billion infrastructure investment fund to cater to the demand for warehouse space in China.

Fueled by persistent low interest rates, institutional investors are plowing their money into hard assets, especially in real estate. So far this year, buyers have announced 246 real estate deals with a combined value of $57 billion, compared with 197 deals worth $32 billion at the same point last year, according to Dealogic.

The industrial space has been particularly active. In April, Prologis Inc., the world's largest industrial landlord, announced it would buy KTR Capital Partners, a large warehouse owner, for $5.9 billion. Prologis is the largest U.S. warehouse owner.

"Values have never been higher" in the industrial real estate space, said Eric Frankel, an analyst with real-estate research firm Green Street Advisors. "Fundamentals are in good shape, tenant demand is very strong, and people are emboldened by that. People are underwriting more aggressively and that means paying higher prices."

Industrial real estate is currently trading at an average cap rate, or yield, of 5.7%, according to Green Street. Cap rates, a common measure of value in real estate, have been falling consistently over the past few years in the warehouse sector, Green Street says, a sign that property values are on the rise. The Global Logistic deal would value the IIC portfolio at a yield of 5.6%, a slightly higher-than-average price for the warehouse sector.

In a statement, Global Logistic Properties said it intends to put IIT's portfolio into its fund management platform, a common practice among large industrial landlords. Large investors like GIC provide the money to buy assets, while operators like Global Logistic use their platforms to manage the properties in return for a fee.

Industrial Income Trust began in 2010 as a so-called nontraded real-estate investment trust, a type of real-estate fund that raises money through networks of financial advisers from small individual investors, then typically sells the properties at a higher price. Based in Denver, the company built its portfolio in more than 100 separate transactions. Its warehouses were 93% leased as of the end of June.

Write to Robbie Whelan at robbie.whelan@wsj.com

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