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Global Logistics Properties set to be bought by Chinese consortium for $11.6 billion

Warehouse operator Global Logistics Properties (GLP) is set to be bought by a Chinese consortium for a sum of $11.6 billion, which would be Asia's largest buyout by private equity group.

GLP accepted the takeover offer from a management-backed group that includes private equity firms Hillhouse Capital Management and Hopu Investment Management, according to Bloomberg.

It beat off competition from US based private equity companies Waburg Pincus and Blackstone.

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The business boasts a property portfolio of 55 million square meters across 117 cities, forming a logistics network serving more than 4,000 customers. GLP’s portfolio of customers includes Amazon, Walmart, Unilever and Carrefour.

The group, which also includes founder Ming Mei’s SMG, Bank of China Group Investment and a unit of China Vanke Co., offered S$3.38 a share, GLP said in a statement to the Singapore’s Stock Exchange.

GLP shares, which were suspended, surged 22 percent to S$3.30 after trading resumed in Singapore, the report added. 

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