Singapore-listed logistics giant Global Logistics Properties has chosen a Chinese investment consortium as preferred buyer of the $8.6bn (£6.6bn) operator.
The group is understood to include GLP chief executive Ming Mei along with Hopu Investment Management, led by another GLP director, Fang Fanglei, and Hillhouse Capital Management.
According to Bloomberg, the consortium edged out a rival group led by Warburg Pincus with a deal that would value the company at about $10bn.
Last month, trading in GLP shares was temporarily suspended in response to an FT story saying that bidders were dropping out of the running owing to the strength of a bid by the Ming Mei-fronted consortium.
At the time GLP said it was in discussions with shortlisted bidders but that no binding proposals had been received.
The potential sale is the result of a strategic review instigated by major shareholder GIC, started in December, with JP Morgan acting as financial adviser.
As Asia’s largest owner of warehouse properties, GLP has long been seen as a strategic target for corporate activity within the global logistics real estate sector. The company was one of three bidders on a shortlist to buy Blackstone’s €12.3bn (£10.8bn) Logicor business, a deal for which was ultimately agreed with China Investment Corporation in June.
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