GLP Continues Talks with Would-Be Buyers

GLP CEO Ming Z. Mei

SINGAPORE—Global Logistics Properties said Thursday that it was continuing discussions with a handful of prospective buyers, with no deal reached as yet. The logistics properties owner/operator, the second largest in the US and the largest in China, Japan and Brazil, announced this past December that it had launched a strategic review at the request of GIC Pte. Ltd., its biggest shareholder, retaining J.P. Morgan Chase as an advisor.

GLP on Thursday reaffirmed that to date, none of the proposals it has received are binding. Nor is there any certainty that the discussions will lead to a deal, or about the terms of any transaction that emerges from the talks. Two board members, including CEO Ming Mei, have recused themselves from all discussions related to the review, GLP disclosed in February.