GLP completes syndication of US industrial assets

GLOBAL Logistic Properties (GLP) has successfully completed its planned syndication of a 65.66 per cent stake in the portfolio of US industrial assets that it acquired last year.

These assets were sold for US$1.3 billion in cash, subject to post-closing adjustments, the firm said in an announcement early on Tuesday morning.

With this, the assets will no longer be the firm's subsidiaries, and will instead become associated companies.