GLP Delists from Trading, Completes Privatization

The delisting from the Singapore Exchange completes a process that began last summer when GLP agreed to a takeover by a consortium including an entity controlled by CEO Ming Mei.

SINGAPORE—A publicly traded company no more, industrial giant GLP said Monday it had delisted from the Singapore Exchange, completing a privatization process that began last summer. The company is now known as GLP Pte Ltd., and CIO Alan Yang says its long-term strategy remains the same: “to be the best operator in our markets, create value through developments and use our fund management platform to support strategic expansion.”

Adds Ming Z. Mei, GLP’s co-founder and CEO, “We are focused on sustainable value creation through our logistics ecosystem. Our innovative use of technology and strategic investments create value for our investors, partners and customers as they navigate a rapidly changing business landscape.”

This past July, GLP agreed to a takeover by Nesta Investment Holdings Ltd., a consortium that includes a company owned by Ming. In the interim, the company entered the European market with its US$2.8-billion deal to acquire the Gazeley platform from Brookfield. GLP had entered the US market via another entitylevel transaction in 2015, acquiring the IndCor business from the Blackstone Group for US$8.1 billion.

At present, GLP’s portfolio encompasses 636 million square feet across 2,754 properties in eight countries. It also has assets under management of US$43 billion via its real estate fund.

Earlier this month, GLP said it had received approval from the China Securities Regulatory Commission to issue up to US$1.8 billion of Belt & Road bonds on the Shenzhen Stock Exchange.

The bonds are used to finance projects related to the One Belt One Road initiative that seeks to connect Asia and Europe over land and sea. Proceeds will be used to repay existing debt related to the financing of GLP’s Gazeley acquisition.

“We are pleased to be the first company to receive this landmark approval and this marks the launch of our B&R bonds,” says Teresa Zhuge, co-president of GLP China.

“We will continue to maintain a strong balance sheet including further diversifying our funding sources to support our long-term growth objectives.” Paul Bubny is managing editor of Real Estate Forum and GlobeSt. com.

He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group’s offices in New York City. B