Singapore wealth fund GIC cuts GLP stake in $1.25 bln sale
SINGAPORE Feb 26 (Reuters) - Singapore sovereign wealth fund GIC cut its stake in warehouse operator Global Logistic Properties (GLP) by about a quarter, selling around 596 million GLP shares at S$2.60 each, according to a term sheet seen by Reuters.
The sale, which raised about $1.25 billion, was at the bottom of a S$2.60-$2.66 per share indicative range. GLP closed at S$2.75 on Monday.
The Government of Singapore Investment Corp (GIC) said in a statement on Tuesday that the sale was part of the sovereign fund's "regular rebalancing activities for its overall portfolio" and that it remained a substantial long-term shareholder.
"We are pleased with the company's execution of its strategies and are confident of its long-term prospects," GIC added.
The sale means the Singapore sovereign fund's stake in GLP will fall to about 36 percent from 49 percent, according to Reuters calculations.
GLP, which owns warehouses in Japan, China and Brazil, last year, formed joint ventures with the Canada Pension Plan Investment Board (CPPIB), China Investment Corp and GIC to buy 40 properties worth around $1.4 billion in the Latin American country.
It owns, manages and leases 525 completed properties in 194 logistics parks spread across the three countries.
- Deadly gun attack in eastern Ukraine shakes fragile Geneva accord |
- Japan expands army footprint for first time in 40 years, risks angering China
- Prosecutors extend Korea ferry captain's detention as death toll mounts |
- Pfizer considers $100 billion bid for AstraZeneca: report
- South Korea recovers first bodies from inside sunken ferry