Global Logistic Properties partners GIC in US$8.1b acquisition
GLP's initial 55% stake in fund set up for acquisition will be cut to 10% later as part of fund management strategy
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Singapore
GLOBAL Logistic Properties (GLP) is partnering Singapore's sovereign wealth fund GIC in the US$8.1 billion purchase of a portfolio of warehouses and distribution centres in the United States, a move that GLP said would give it "immediate scale" in the world's largest logistics market.
Monday's morning announcement by GLP follows confirmation by GIC last week that it was buying US industrial property firm IndCor Properties from the Blackstone Group. The transaction is expected to be completed in the first quarter of next year.
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