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GLP Agrees to Takeover By Consortium

The privatization values the industrial landlord, whose holdings include about 200 million square feet in the US, at US$11.6 billion.

Photo of Ming Z. Mei GLP CEO Ming Z. Mei

SINGAPORE—Global Logistics Properties said Friday it had agreed to a takeover by a consortium that would pay $3.38 (US$2.46) per share. The privatization values the industrial landlord, which controls about 200 million square feet of space in the US, at approximately S$16 billion (US$11.6 billion). Including its US holdings, the GLP platform represents more than 575 million square feet of logistics space, along with US$39 billion in assets under management through its global real estate fund.

GLP announced this past December that it was undertaking a strategic review at the request of sovereign wealth fund GIC Pte. Ltd., its largest shareholder. In a separate announcement, GIC said Friday that it supported the takeover by Nesta Investment Holdings Ltd., a consortium including Hopu Investment Management; Hillhouse Capital; SMG, which is owned by GLP CEO Ming Mei; Bank of China Group Investment; and Vanke.

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Paul Bubny

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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