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GLP: No deal with Blackstone, GIC on US industrial real estate

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Global Logistic Properties (GLP) said there is no agreement on a reported US$8.1 billion deal for US industrial property between itself, GIC and Blackstone Group.

GLOBAL Logistic Properties (GLP) said there is no agreement on a reported US$8.1 billion deal for US industrial property between itself, GIC and Blackstone Group.

The Wall Street Journal reported that private equity group Blackstone had agreed to sell 117 million square feet of US industrial real estate to GLP, a developer of high-end warehouses, and GIC, a Singapore sovereign wealth fund. Those assets are currently held in a company called IndCor Properties.

The Journal said the initial plan was to list IndCor, but Blackstone decided on a trade sale instead. A deal, if there is one, was supposed to close in the first quarter of 2015.

In a statement early Tuesday, GLP said it continually reviews various initiatives as part of its ongoing efforts to strengthen its strategic position and financial performance.

"As at the date of this announcement, the company has not entered into any binding agreement with respect to any decision to pursue this initiative," GLP said.

GLP shares slipped 0.8 per cent, or 2 Singapore cents, to trade at S$2.61 as at 9:08am on Tuesday.