SINGAPORE Feb 26 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
"We are pleased with the company's execution of its
strategies and are confident of its long-term prospects," GIC
The sale means the Singapore sovereign fund's stake in GLP
will fall to about 36 percent from 49 percent, according to
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
It owns, manages and leases 525 completed properties in 194
logistics parks spread across the three countries.
JPMorgan was the sole bookrunner for the GLP share sale.
(Reporting by Kevin Lim; Editing by Richard Pullin)