Chinese firms win $11.6b buyout bid for Singaporean logistics firm

SINGAPORE - Nesta Investment Holdings Limited compromising a group of Chinese firms has won a bid for acquisition of S$16 billion ($11.6 billion) worth shares of Singapore's leading logistics facilities operator Global Logistics Properties (GLP) and privatize it, GLP said on Friday.

According to a joint statement released by GLP and Nesta Investment on Friday, the latter has proposed to acquire all the issued and paid-up ordinary shares of GLP (excluding treasury shares) for S$3.38 ($2.46) per share.

Nesta Investment is jointly owned by a group of Chinese companies including HOPU, Hillhouse Capital, Bank of China Group Investment, Vanke and SMG, which is owned by GLP chief executive Ming Mei.

The deal is expected to be completed on or before April 14 2018, said the statement.

Singapore Investment Corporation (GIC), Singapore's sovereign wealth fund and the largest single shareholder of GLP with a 36.84-percent stake in the company, has provided an irrevocable undertaking to Nesta Investment to "vote in favor of the scheme" in respect to its shareholding interest, said the joint statement.

GLP owns and manages a global portfolio of 55 million sqm (592 million sq ft) of warehouses and other logistics facilities, with leading market positions in China, Japan, the United States and Brazil, said GLP's annual report for the financial year ended March 31, 2017. The company is also one of the world's largest real estate fund managers, with assets under management of $39 billion, it added.