GIC said to have tackled grouses in ongoing sale of GLP

Singapore

THE litany of complaints about the biggest Asian buyout deal became so bad that Singapore's sovereign wealth fund decided to act.

A bidding process for Global Logistic Properties, the US$9.7 billion warehouse developer, has been running since the start of the year. In May, representatives of GIC Pte Ltd, the company's largest shareholder, called the GLP working team managing the sale into their offices, according to people familiar with the matter. The Singaporean fund instructed the assembled group to be more responsive to bidders' questions and share information transparently in the auction, the people said, asking not to be identified because the discussions were confidential.