December 1, 2016 / 1:41 PM / a year ago

Global Logistic Properties says undertaking strategic business review

SINGAPORE (Reuters) - Singapore-listed Global Logistic Properties Ltd (GLP) (GLPL.SI), which manages $40 billion of industrial properties worldwide, is undertaking a strategic review of its business options after receiving a request from Singapore’s sovereign wealth fund GIC Pte, the firm’s largest shareholder.

In a statement to the Singapore exchange late on Thursday, GLP said it had appointed JPMorgan as its financial adviser to assist it.

    “As part of the strategic review, the company, through JPMorgan, is in the process of making preliminary approaches to various parties to evaluate the viability of options available for its business,” said GLP, which has a market value of nearly $7 billion.

    GLP said it had not entered into any definitive transaction with any party. The company’s shares rose last month after a report of takeover interest in the firm.

    Reporting by Anshuman Daga, editing by David Evans

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