GLP board picks ANZ as independent financial adviser for offer

THE board of Global Logistic Properties (GLP) has appointed Australia and New Zealand Banking Group (ANZ), Singapore branch, as the independent financial adviser to advise its independent directors in making a final recommendation to shareholders over the recent offer for the company.

A scheme document containing the final recommendation will be sent to shareholders in due course.

Two weeks ago, GLP directors said they have picked a Chinese consortium and its S$3.38 per share offer for the logistics real estate developer.

The offeror, Nesta Investment Holdings, is owned by HOPU Logistics Investment Management Co, Hillhouse Capital Logistics Management, SMG Eastern, Bank of China Group Investment and Vanke Real Estate (Hong Kong ) Co.

Nesta's board of directors includes GLP chief executive and chairman Ming Z Mei. The bid will be carried out through a scheme of arrangement.

Shares of GLP closed a cent lower at S$3.31 on Monday.