Race to buy GLP narrows down to two groups

Singapore

THE race to buy Global Logistic Properties is now between a Chinese consortium backed by the company's management and a rival group led by Warburg Pincus, sources said ahead of a Friday deadline to submit bids for the US$10 billion-valued firm.

An acquisition offers a chance for bidders to grab control of Asia's biggest warehouse operator which counts Amazon among its clients and is benefiting from rising demand for modern logistics facilities, driven by a boom in e-commerce business.

At current valuations, a successful transaction will rank as the largest Asian buyout by private equity groups, which are increasingly targeting bigger takeovers after raising record funds, according to Thomson Reuters da…