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.

Potential acquirers including Warburg Pincus, Blackstone Group LP and RRJ Capital had been pressing for months to get increasingly detailed financial information on GLP as they compete with a rival consortium that includes the company's chief executive officer. At the heart of the issue for the bidders is whether the management-backed group, which also includes Chinese private equity firms Hillhouse Capital Management and Hopu Investment Management, has an advantage over other buyers, with privileged access to informat…