Company briefs: Global Logistic Properties

Global Logistic Properties

Global Logistic Properties (GLP) said yesterday it has received firm proposals for a takeover from shortlisted bidders for final evaluation.

The firm said a special committee it set up is now conducting an in-depth and independent review of all the terms of the proposals in consultation with its external advisers.

GLP reiterated that there remains no certainty that any definitive transaction will materialise from, or that any offer will be made as a result of, any proposals received or the strategic review. There also remains no certainty as to the terms of a transaction, if any.

Sinarmas Land

Sinarmas Land has completed the acquisition of Horseferry Property, a firm which owns 33 Horseferry Road, a freehold prime commercial building in London, for £188.6 million (S$338.4 million), it said yesterday.

The property is in a prominent location in the heart of Victoria, one of central London's principal commercial and residential districts, it added.

Executive director Margaretha Widjaja said: "We have remained positive on the long-term outlook of the London commercial property market and ... 33 Horseferry Road presented a compelling investment opportunity."

Together with two other properties, Warwick House and Alphabeta Building, Sinarmas Land now owns and manages close to 500,000 sq ft of freehold commercial space in central London with assets under management of over $1 billion.

Ascott Residence Trust

Ascott Residence Trust yesterday said it has divested its interest in two serviced residence properties in China - Citadines Biyun Shanghai and Citadines Gaoxin Xi'an - for about $198 million.

"To maintain the performance and competitiveness of the properties, it is expected that additional capital expenditure will be required in the near future," Ascott Reit noted.

"In view of the above, and at the same time given that growth prospects of both properties are limited due to changes in the operating environment, the sale would be at an opportune time to unlock the underlying value of the properties and redeploy the proceeds in other higher-yielding assets to enhance the returns of Ascott Reit's portfolio."

A version of this article appeared in the print edition of The Straits Times on July 04, 2017, with the headline 'Company briefs: Global Logistic Properties'. Print Edition | Subscribe