Singapore's GLP teams up with CIC, others to buy $1.25 bln Brazil properties

SINGAPORE Wed Nov 14, 2012 4:41am EST

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SINGAPORE Nov 14 (Reuters) - Global Logistic Properties Ltd , one of the world's largest warehouse operators, said it would buy a portfolio of Brazil properties worth at least $1.25 billion through joint ventures with funds including China Investment Corp.

GLP, which owns warehouses in Japan and China, agreed with the Canada Pension Plan Investment Board, China Investment Corp and Government of Singapore Investment Corp to acquire 40 properties, including stabilized assets and projects under development.

GLP plans to issue shares through a private placement to fund part or all of its acquisition, which will give GLP an initial equity commitment of $334 million in the portfolio.

The warehouse operator also posted a 3 percent dip in its second-quarter net profit to $195 million from a year ago, and earlier said it received approval from the Tokyo Stock Exchange for a $2.6 billion listing of its Japan real estate investment trust. (Reporting by Charmian Kok; Editing by Muralikumar Anantharaman)

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