Singapore's Global Logistic picks Chinese consortium for S$16 bln sale

Global Logistic Properties receives S$3.38/share offer from Hopu-Hillhouse consortium; values company at S$16 bil

A Chinese-backed consortium made an offer for one of the world's largest warehousing companies, Global Logistic Properties Ltd., in what would be the biggest deal ever recorded in Southeast Asia.

It beat off competition from U.S. based private equity companies Waburg Pincus and Blackstone.

This represents a 67 per cent premium over the one-month volume weighted average price per share up to Nov 30 2016, the last trading day before announcement of the strategic review.

It was acquired by a consortium involving Hillhouse Capital Management.

GLP shares, which were suspended, surged 22 percent to S$3.30 after trading resumed in Singapore, the report added. Ltd., GLP's biggest shareholder with a 37% stake, effectively put it up for sale in December when it asked the company to undergo a strategic review.

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According to a joint statement released by GLP and Nesta Investment on Friday, the latter has proposed to acquire all the issued and paid-up ordinary shares of GLP (excluding treasury shares) for S$3.38 ($2.46) per share.

"After an extensive evaluation of all final proposals received, the Special Committee decided on the proposed scheme, which we believe is compelling and value-enhancing for all shareholders", Seek Ngee Huat, chairman of GLP's board, said in a joint statement with the winning consortium.

The GLP Group - of which Singapore sovereign wealth fund GIC is the biggest shareholder with an nearly 37 percent stake - owns and manages a portfolio of logistics facilities in China, Japan, the United States and Brazil. "We are pleased to announce this Scheme for our shareholders' consideration". The Singaporean fund instructed the group to be more responsive to bidders' questions and share information transparently in the auction, the people said, asking not to be identified because the discussions were confidential.

GIC said it is supportive of the transaction. GIC's undertaking, however, allows the investor to accept a higher competing bid if it comes along before the scheme meeting.

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