COMMERCIAL PROPERTY | Staff Reporter, Singapore

Warburg Pincus eyes acquiring Global Logistics Properties

It is forming a consortium to bid for the industrial property owner.

According to Bloomberg, Warburg Pincus is forming a consortium to bid for Global Logistic Properties Ltd., the Singapore-based warehouse operator, according to people with knowledge of the matter. Warburg Pincus has been speaking with banks and potential bidding partners about an offer for the industrial property owner, which has a market value of about $8.5 billion, the people said. GLP, which has assets in China, Japan, the U.S. and Brazil, has asked for first-round offers by early February, people with knowledge of the matter said previously.

Shares of GLP rose as much as 4.8 percent Thursday, hitting the highest intraday level since June 2015. They were up 3.2 percent to S$2.59 at 9:44 a.m. in Singapore, making GLP the best performer on the benchmark Straits Times Index. A consortium including Chinese buyout firm Hopu Investment Management has also held talks about making an offer for GLP, people with knowledge of the matter said in November.

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