SINGAPORE (REUTERS, BLOOMBERG) - Singapore-listed Global Logistic Properties Ltd (GLP), which manages US$40 billion (S$57 billion) of industrial properties worldwide, is undertaking a strategic review of its business options after receiving a request from Singapore's sovereign wealth fund GIC, the firm's largest shareholder.
In a statement to the Singapore exchange late on Thursday, GLP said it had appointed JPMorgan as its financial adviser to assist it.
"As part of the strategic review, the company, through JPMorgan, is in the process of making preliminary approaches to various parties to evaluate the viability of options available for its business," said GLP, which has a market value of nearly US$7 billion.
The filing was issued in response to a Bloomberg report that said GLP appointed JPMorgan for the review after attracting takeover interest from a consortium backed by China's sovereign fund.
The Singapore-based company drew unsolicited interest from an investor group including China Investment Corp, Hopu Investment Management and Hillhouse Capital Management, people with knowledge of the matter said last month.
JPMorgan was brought on board in the last month to see whether there are ways shareholder value can be increased, one of the people said, asking not to be identified because the deliberations are private.
GLP said it was in the "process of making preliminary approaches to various parties" but said there was "no assurance" that any transaction would materialize from the strategic review, according to the statement.