GLP Sold to Chinese Consortium for USD11.6billion

Warehouse operator Global Logistics Properties (GLP) picks Chinese consortium Nesta Investment's offer of SGD16 billion over US private equity firm to take the company private.

The investor group comprises Hopu, Hillhouse Capital, Bank of China Group Investment, Vanke and SMG, which is owned by GLP chief executive Ming Mei.

Nesta Investment has proposed to acquire all the issued and paid-up ordinary shares of GLP (excluding treasury shares) by way of a scheme of arrangement at SGD3.38 per share, GLP and Nesta Investment said in a joint statement. It is 25% more than GLP's last traded price on Wednesday before the shares were suspended.

GLP has strong leadership in warehouse development and management in China, Japan, and Brazil, and a strong No.2 position in the United States, with a strong track record of development profits, which has clients including Amazon. Early in the month it was reported by media GLP had received "firm proposals" from shortlisted bidders, including a management-backed Chinese group and another headed by US private equity firm Warburg Pincus.

- APMR News