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COMMERCIAL PROPERTY | , Singapore
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GLP sold to Chinese bidder for $16b

It was acquired by a consortium involving Hillhouse Capital Management.

Bloomberg reported that Global Logistic Properties Ltd., the Singapore warehouse operator, accepted a $16b ($11.6b) takeover offer from a management-backed Chinese consortium that includes private equity firms Hillhouse Capital Management and Hopu Investment Management.

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.

That’s 25 percent more than GLP’s last-traded price on Wednesday before the shares were suspended, and exceeds the highest closing price since listing.

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