Singapore-listed GLP and partners finalise S$6.38b purchase of US properties portfolio

SINGAPORE - Global Logistic Properties said that the firm, along with fellow investors, has completed a US$4.55 billion (S$6.38 billion) purchase of a portfolio of properties in the United States.

The portfolio across 20 major US markets, comprises 57.9 million sq ft of space and boosts GLP's US footprint by 50 per cent.

Singapore-listed GLP said the portfolio would come under the umbrella of a new entity, GLP US Income Partners II. The fellow investors include China Life and two major global institutional investors.

More investors are expected to come on board later.

Mr Ming Z. Mei, GLP chief executive, said: "Investor demand to partner with us on this portfolio is strong and we are very pleased to complete this acquisition together with three leading global institutional investors."

He added: "This transaction is in line with our growth strategy of expanding into the best logistics markets internationally via our fund management platform."