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GLP hires JPMorgan for possible sale

The Singapore-based logistics fund manager is undertaking an independent ‘strategic review’ following a request from its largest shareholder, GIC.

Global Logistic Properties (GLP), the Singapore-listed logistics investment manager, has hired JPMorgan and set up a special committee of four independent directors to mull its options following takeover rumors last month.

The firm is undertaking an independent ''strategic review” following a request received from its largest shareholder, Singaporean sovereign wealth fund GIC Private.

Back in early November GLP’s stock price rocketed on the back of speculation it is a takeover target for an investor group led by the Chinese sovereign wealth fund China Investment Corporation (CIC) following an article published first by Bloomberg.

The report said CIC and two Chinese investment firms Hopu Investment Management and Hillhouse Capital Management have held talks about making a joint offer to acquire GLP, citing people with knowledge of the matter. However, GLP released a statement denying it is in takeover talks with the consortium.

As part of the strategic review GLP is in the process of making preliminary approaches to various parties to “evaluate the viability of options available for its business”, according to a stock exchange statement announcing the strategic review.

But, GLP also stated that no definitive transaction has been entered into by the company with any party, including the CIC-led investor group.

The firm also said there is no assurance that any transaction will materialize from the strategic review and it will make an appropriate announcement in the event of any developments.

GLP is a leading global provider of modern logistics facilities. The firm’s $38 billion property portfolio encompasses over 560 million square feet of logistics facilities across China, Japan, Brazil and the US. GLP is a SGX-listed company with a market capitalization of around $6 billion.