GLP to buy U.S. logistics portfolio for $4.55 billion
SINGAPORE, July 29 (Reuters) - Singapore-listed Global Logistic Properties Ltd (GLP) said it has agreed to buy a $4.55 billion logistics portfolio in the United States from Industrial Income Trust, expanding its presence in the market by 50 percent.
GLP said it would cut its stake to 10 percent in the portfolio by April 2016, while the remaining 90 percent would be placed into funds that it manages and marketed to investors.
"Demand from major institutional investors to invest with GLP in U.S. logistics real estate is strong, with GLP in negotiations with several new and existing capital partners," it said in a statement.
The portfolio consists of 58 million square feet of assets across 20 markets, including Los Angeles, Metro D.C. and Pennsylvania, and will make GLP the second largest logistics property owner and operator in the United States, it said.
The company last year teamed up with Singapore's sovereign wealth fund GIC to buy a U.S. portfolio for $8.1 billion from various companies affiliated with the Blackstone Group L.P., marking its first foray into the country.
GLP also provides logistics facilities in China, Japan and Brazil. (Reporting By Aradhana Aravindan; Editing by Richard Pullin)
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