Tuesday, December 9, 2014
Global Logistics Properties and GIC invest $8B in U.S. portfolio
Singapore-listed Global Logistic Properties has partnered with Singapore’s sovereign wealth fund GIC to invest $8.1 billion in logistics real estate properties in the U.S.
GLP, which provides logistics facilities in China, Japan and Brazil, said it would hold a 55 percent stake in the venture, which is it’s first foray into the U.S. market. GIC would hold the remaining 45 percent. They are taking over the portfolio from various companies affiliated with the Blackstone Group L.P.
GLP said it would cut its stake to 10 percent by August 2015, noting it has received interest from other investors.
"This transaction gives us immediate scale as well as the best team in the U.S. logistics market," said GLP co-founder and chief executive officer Ming Z. Mei.
For more of the Reuters story: www.reuters.com
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