Global Logistic Properties said not in takeover talks at this time with investor group

Global Logistic Properties (GLP) Park Hefei Hi-Tech in Hefei, Anhui Province, China.
Global Logistic Properties (GLP) Park Hefei Hi-Tech in Hefei, Anhui Province, China. PHOTO: GLOBAL LOGISTICS PROPERTIES

SINGAPORE - Singapore-listed Global Logistic Properties (GLP) said on Wednesday afternoon that it was not in discussions with an investor group "at this time" over a possible takeover, referencing a Bloomberg report, after its shares jumped and it was queried by the Singapore Exchange.

"The company will make an appropriate announcement in the event of any material developments," GLP added. "The company remains committed to enhancing shareholder value and continues to review and assess potential opportunities."

Financial news provider Bloomberg reported on Wednesday morning that GLP, the US$6 billion owner of industrial property, had attracted takeover interest from an investor group that included China's sovereign fund, quoting unidentified sources.

Bloomberg said the fund, China Investment Corp, Hopu Investment Management and Hillhouse Capital Management have held talks about making a joint offer for GLP.

It said any deal would depend on the receptiveness of GLP's biggest shareholder, Singapore sovereign wealth fund GIC, which holds a 37-per cent stake in GLP.

GLP shares jumped on Wednesday morning on the takeover speculation, trading up 11.2 per cent at S$1.99 before GLP asked for a trading halt at about 12:30pm.

CIC, the US$814 billion Chinese wealth fund, has previously partnered with GLP for deals in Japan and Brazil. Hillhouse already has a 8.2 per cent stake in GLP, said Bloomberg.

Hopu, the Beijing-based buyout firm, was part of a consortium that invested US$2.5 billion in GLP's Chinese business in 2014. Its founder, veteran dealmaker Fang Fenglei, joined GLP's investment committee that year and was appointed to GIC's board as a non-executive director.