Global Logistic Properties, GIC to buy US logistics portfolio for S$10.7b
Singapore-listed GLP said in a statement it would initially hold a 55 per cent stake in the venture and GIC would take 45 per cent.
SINGAPORE: Global Logistic Properties (GLP) said on Monday (Dec 8) it is co-investing with Singapore sovereign wealth fund GIC to acquire a US logistics real estate portfolio for US$8.1 billion (S$10.7 billion).
Singapore-listed GLP, which provides logistics facilities in China, Japan and Brazil, said in a statement it would initially hold a 55 per cent stake in the venture and GIC would take 45 per cent. However, GLP said it would cut its stake to 10 per cent by August 2015 as it has already received interest from capital partners looking to invest in the US logistics market.
“This transaction gives us immediate scale as well as the best team in the US logistics market,” said GLP’s co-founder and CEO Ming Z Mei. However, while GLP is expanding into other international markets, China remains its key growth market, he added.
The transaction is expected to be completed in the first quarter of next year.
- CNA/cy
- wong chee tat :)
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