GLP to Hit Brazil, Form JVs to Buy $1.4B In Assets
SINGAPORE-Global Logistic Properties Ltd. is forming joint ventures with Canada Pension Plan Investment Board, China Investment Corp. and Government of Singapore Investment Corp. The aim of both is to buy a $1.4-billion platform in Brazil and will establish the largest logistics platform in the country, according to a statement.
Further, GLP will act as asset manager of both joint ventures with a 40-person team. GLP also revealed that 88% of the two joint ventures’ combined assets are located in the primary logistics markets of São Paulo and Rio de Janeiro, which together generate greater than 40% of Brazil’s GDP.
“This transaction represents a unique opportunity for GLP, giving us a market-leading position in Brazil, as well as a strong platform for future growth in the country," says deputy chairman of Jeffrey Schwartz. "It is consistent with our strategy to focus on only the best markets globally and in growing our fund management platform.”
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