July 17, 2017
Singapore-based Global Logistic Properties Limited (GLP) agreed to the proposed $11.64-billion, take-private buyout offer from a group that includes senior executives from GLP. The winning bid for the 562 million square feet of logistics facilities spread across China, Japan, Brazil and the United States came from a wholly-owned subsidiary of Nesta Investment Holdings MidCo Ltd.
GLP’s U.S. holdings total 173 million square feet, and are located in 32 markets. GLP is Asia’s biggest warehouse operator, and boasts a $41-billion portfolio of assets.
The Chinese private equity buyers’ consortium is made up of HOPU Investment Management, Hillhouse Capital Management, Bank of China Group Investment, real estate investment firm China Vanke Co., and SMG, which is 21% owned by GLP CEO Ming Mei.
Morrison & Foerster’s Singapore-based partners Eric J. Piesner and Shirin Tang are representing GLP in the proposed transaction.
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