December 6, 2016 Comments Off on Global Logistic Properties Undertakes Strategic Review Views: 173 California, California News, Top California Stories, West

Global Logistic Properties Undertakes Strategic Review

Chicago-based Global Logistic Properties (GLP) is conducting a strategic review of the giant industrial asset owners’ business options. The Singapore-listed investor, which manages $40 billion of properties, hired JPMorgan as its financial advisor for the review.

While the move is in the preliminary stages, it could lead to the sale of a $7-billion firm.

The review is being conducted at the request of its largest shareholder, Singapore’s sovereign wealth fund GIC. GLP had reportedly received unsolicited takeover interest from an investor consortium backed by China’s sovereign fund.

GLP has a presence in 32 key U.S. markets, and claims the No. 2 U.S. market position with 178 million square feet, behind Prologis, which has 360 million square feet.

GLP’s largest concentration of U.S. investment is in the West, encompassing 293 properties totaling 50.5 million square feet. The investments include three California markets: the Bay Area, Los Angeles, and San Diego.

Read more at The Straits Times

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