GLP to Hit Brazil, Form JVs to Buy $1.4B In Assets
Create awareness, drive traffic and generate leads with an online listing in GlobeSt.com's Preferred Resources directory. Add your company today.
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.”
You can now be notified via email if this story is updated by clicking on the "Follow this Story" link. You must be a registered member to take advantage of this "members only" benefit.