GLP says no deal yet after reports of interest in US$4.5b of US warehouses

Global Logistic Properties (GLP) said it has not entered into any binding contracts, after reports that it was in early talks to buy more than 200 warehouses, valued at about US$4.5 billion, in the United States.

"The company wishes to also clarify that as part of its continuing and ongoing efforts to strengthen its strategic position and financial performance, it reviews and assesses potential investment opportunities from time to time, including potential acquisitions of properties that may be beneficial to the group's financial performance," the logistics real estate developer announced early Thursday.

News reports have said that initial negotiations with the warehouses' owner, Industrial Income Trust Inc, may not lead to deal.

GLP first moved into the US industrial market in February after teaming up with Singapore sovereign wealth fund GIC to buy Blackstone Group's IndCor Properties Inc for US$8.1 billion.