Chinese group bids $16b for Singapore's GLP

Chinese group bids $16b for Singapore's GLP
PHOTO: GLP

SINGAPORE - A Chinese consortium has offered to buy Singapore warehouse operator Global Logistics Properties Ltd (GLP) in a deal worth more than US$11 billion (S$15.1 million), both companies said Friday.

In filings with the Singapore Exchange, they said they were "pleased to announce the proposed acquisition" after GLP selected Nesta Investment Holdings as its preferred bidder.

Under the deal, Nesta would buy GLP shares at S$3.38 apiece, valuing it at around S$16 billion.

The GLP Group - of which Singapore sovereign wealth fund GIC is the biggest shareholder with an almost 37 per cent stake - owns and manages a portfolio of logistics facilities in China, Japan, the United States and Brazil.

It is also one of the world's largest real estate fund managers with assets under management of around US$39 billion, filings with the Singapore stock exchange said.

Nesta is comprised of five Chinese companies, including private equity investment firm HOPU Logistics Investment Management and Bank of China Group Investment.

The deal is expected to be completed on or before April 14 next, subject to shareholders' approval.

GIC has assured Nesta it will vote in favour of the buyout.

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