GLP Reportedly Planning $3B IPO of US Warehouses
Much of GLP’s US business stems from a 2014 deal to acquire IndCor Properties from Blackstone Group for $8.1 billion.
(Bloomberg) GLP Pte, the Singapore-based developer of logistics properties, is planning an initial public offering for its US operations that could raise about $3 billion, people with knowledge of the matter said.
The warehouse owner is working with Citigroup and Goldman Sachs Group on the planned share sale in New York, according to the people. It aims to list the US business as soon as this year, the people said, asking not to be identified because the information is private.
GLP may seek to value the operations at more than $20 billion, one of the people said. It has confidentially filed with securities regulators for the planned offering, according to the person.
Much of GLP’s US business stems from a 2014 deal to acquire IndCor Properties from Blackstone Group for $8.1 billion. The offering could help GLP recoup funds after it was taken private by a management-backed consortium from the Singapore stock exchange last year.
Representatives for GLP and Citigroup declined to comment, while a representative for Goldman Sachs didn’t immediately respond to an email seeking comment. The Wall Street Journal reported the IPO plan Wednesday in New York, citing unidentified people.
GLP manages more than 1,350 properties in the U.S. and $64 billion of assets in real estate and private equity globally, according to its website. Its Japan assets are listed in Tokyo under GLP J-REIT, which has risen about 7.8 percent this year.
Copyright 2019 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.