GIC said to confront complaints in sale of GLP

SINGAPORE (June 27): The litany of complaints about the biggest Asian buyout deal became so bad that Singapore’s sovereign wealth fund decided to act.

A bidding process for Global Logistic Properties, the US$9.6 billion ($13.3 billion) warehouse developer, has been running since the start of the year. In May, representatives of GIC, the company’s largest shareholder, called the GLP working team managing the sale into their offices, according to people familiar with the matter. The Singaporean fund instructed the assembled 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.

(See: Reuters says GLP to get bids from at least 3 prospective buyers next week)

---

Related Stories

• Singapore’s GIC to keep investing in US, says SM Lee Hsien Loong
• DBS eyeing retail expansion into Malaysia via acquisitions: Reuters
• Chinese builder Hopson Development in talks with Temasek unit Seatown Holdings for loan

---