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Singapore-listed Global Logistics Properties (GLP) is co-investing with Singapore sovereign wealth fund GIC to acquire a US logistics property portfolio for US$8.1 billion (S$10 billion), the company announced Monday (8 December).
The company, which provides logistics facilities in China, Japan, and Brazil, said it expects the transaction to be completed in Q1 2015 where it will initially hold a 55 percent stake in the venture, and GIC will hold the remaining 45 percent. However, GLP also said it intends to reduce its stake to 10 percent by August 2015 as part of as part of expanding its fund management platform, and as it has already received strong 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 Co-founder and CEO Ming Z Mei. However, he also said that while the company is expanding in international market, China remains as its key growth market.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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