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GIC-backed Global Logistic Properties gets bids as sale process accelerates
February 3, 2017 / 10:10 AM / 10 months ago

GIC-backed Global Logistic Properties gets bids as sale process accelerates

SINGAPORE, Feb 3 (Reuters) - Global Logistic Properties , which builds warehouses and distribution centres for clients such as Amazon and JD.Com, said it had received several bids for the Singapore-listed company, which counts sovereign wealth fund GIC Pte Ltd as its biggest investor.

GLP, which operates about $40 billion of industrial properties worldwide and earns two-thirds of its revenue from China, was thrust into the spotlight late last year when it announced a strategic business review after being nudged by GIC.

“The company wishes to update that it has received various non-binding proposals from a number of parties in connection with the strategic review,” GLP said in a statement on Friday.

The company, whose shares have jumped since late last year to give it a market value of $9 billion, however said there was no assurance any transaction will materialise from such proposals or the strategic review.

Sources have told Reuters that Chinese investment firms and global private equity groups were interested in GLP. (Reporting by Anshuman Daga; Editing by Muralikumar Anantharaman)

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