GLP said to seek bids for $11.3 bil company

SINGAPORE (Jan 5): Global Logistic Properties has begun formally reaching out to potential bidders for the US$7.9 billion ($11.3 billion) industrial property owner, people with knowledge of the matter said.

The Singapore-based company sent out an information letter to targeted bidders at the end of last month and has asked for first-round offers by early February, according to the people. GLP attracted interest from suitors after announcing a strategic review in December, one of the people said, asking not to be identified because the information is private.

A deal for GLP could rank as one of the biggest-ever buyouts in Asia Pacific and would add to the US$215 billion of property and property-related deals involving firms in the region in the last 12 months, according to data compiled by Bloomberg. The company has been involved in US$1.3 billion of acquisitions in the past year, the data show.

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