China group bids $11.6 bn for Singapore’s GLP

Singapore: A Chinese consortium has offered to buy Singapore warehouse operator Global Logistic Properties Ltd (GLP) in a deal worth more than $11 billion, both companies said on 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 Sg$3.38 apiece, valuing it at around Sg$16 billion ($11.6 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 $39 billion, filings with the Singapore stock exchange said. — AFP