Global Logistic Properties selects Chinese Group as preferred bidder
A Chinese consortium has been selected to buy Singapore’s Global Logistic Properties, according to media outlets. An official statement has not been released.
The group is led by China’s Hillhouse Capital Group, Hopu Investment Management Co., China Vanke Co. and Bank of China Ltd.
The group is offering around 3 Singapore dollars ($2.18) a share. The offer would value the company at approximately S$14 billion ($10.2 billion)
GLP has a current market capitalization of approximately $9 billion. It manages nearly $40 billion in logistics assets.
If an agreement is reached, the purchase of GLP would become the largest-ever private equity buyout of an Asian company by enterprise value, surpassing last year’s takeover of Qihoo 360 Technology Co, according to Bloomberg.