GLP is said to pick China consortium for final deal negotiations

[SINGAPORE] Global Logistic Properties Ltd, the Singapore-based warehouse operator pursuing a sale, has picked a Chinese bidder consortium for final deal talks, people with knowledge of the matter said.

The investor group, fronted by GLP Chief Executive Officer Ming Mei, edged out a rival consortium led by Warburg Pincus, according to the people. The Chinese consortium, which includes private equity firms Hillhouse Capital Management and Hopu Investment Management, will now negotiate definitive terms of the transaction, the people said, asking not to be identified because the information is private.

Shares of GLP have risen 23 per cent in Singapore trading this year, giving the company a market value of S$12.7 billion. It was halted from trading Thursday, pending an announcement.

Representatives for GLP and the Chinese consortium declined to comment, while a representative for Warburg Pincus didn't immediately respond to emailed queries.

BLOOMBERG