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UPDATE 1-Singapore selling Global Logistic shares for up to $1.3bln
February 25, 2013 / 12:15 PM / 5 years ago

UPDATE 1-Singapore selling Global Logistic shares for up to $1.3bln

* GIC held 48.9pct stake in GLP before Monday’s sell-down-TR data

* The deal set to be Asia’s third-biggest ECM trade this year (Adds details of GIC remaning stake, other ECM trades in Asia)

HONG KONG, Feb 25 (Reuters) - Singapore’s sovereign wealth fund GIC is seeking to raise up to $1.3 billion by selling shares in Global Logistic Properties, in what is set to be Asia ex-Japan’s third-biggest equity capital market trade this year.

The Government of Singapore Investment Corp (GIC), which manages an estimated $300 billion in assets is one of the world’s largest soverign wealth funds. It is offering 595.7 million shares in a S$2.60-$2.66 per share range in Singapore warehouse operator GLP, according to term sheet of the deal seen by Reuters on Monday.

That represents a discount of 3.3-5.5 percent to Monday’s closing price, the terms showed. GLP shares rose 1.9 percent on Monday, while the benchmark Singapore share index was flat.

Thomson Reuters publication IFR first reported the news.

J.P. Morgan is sole bookrunner.

When completed, the deal would cut GIC’s stake in GLP to about 36 percent, according to Reuters calculations. Prior to Monday’s sell down, GIC owned about 49 percent stake in GLP, according to Thomson Reuters.

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.

GLP owns, manages and leases 525 completed properties in 194 logistics parks spread across China, Japan and Brazil.

Asia has seen a slew of equity capital market trades this year, the biggest being China Petroleum & Chemical Corp (Sinopec), $3.1 billion share issue earlier this month.

That was the largest-ever equity deal to be handled by a single bank in Asia excluding Japan, according to Thomson Reuters data. (Reporting By Daniel Stanton and Fiona Lau at IFR; Additional reporting by Denny Thomas; Editing by William Hardy)

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