Singaporean logistics firm Global Logistic Properties has stated its intentions to expand into Europe and the UK.
In a presentation to investors, the company said it was planning “selective entry into new markets which could include Europe/UK”.
It also issued a statement to the stock market on 1 December saying that JP Morgan would lead a strategic review of the business, including looking at opportunities with “various parties”.
The appointment comes amid rumours of a prospective takeover by Chinese sovereign wealth fund China Investment Corporation, which has seen GLP’s share price rise by 26% since the start of November.
GLP has expanded its portfolio globally while leaving Europe untouched after buying Indcor, Blackstone’s US logistics business, for $8.1bn (£6.4bn) along with a Brazilian logistics portfolio for $1.4bn in 2014.
GLP has long been touted as a potential buyer for Logicor, Blackstone’s €13bn (£11bn) European logistics business, possibly alongside its major shareholder GIC. However, GIC chose to buy another major specialist business, P3, for €2.4bn last month.
What is GLP?
GLP was established in 2008 when it was backed by GIC to buy Prologis’s Chinese operations. It was co-founded by the late Jeff Schwartz, former chairman and chief executive of Prologis. It was listed in 2010 and now has $39.2bn of assets under management in Asia, the US and South America. Headquartered in Shaghai, it has the biggest logistics portfolios in China, Japan and Brazil and the second biggest in the US, behind Prologis. Singaporean sovereign wealth fund GIC has a 37% stake in the company. It is led by co-founder and chief executive Ming Mei, Prologis’s former chief executive of China, and chairman Dr Seek Ngee Huat, the former president of GIC’s real estate business.
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