Singapore-listed Global Logistic Property (GLP), together with its subsidiaries, on Thursday (5 November) announced the completion of its acquisition of a portfolio of properties in the United States, valued at US$4.55 billion (S$6.38 billion).
The portfolio will come under the management of a new entity, GLP US Income Partners II which includes China Life and two additional leading global institutional investors.
Ming Z. Mei, chief executive officer of GLP, said: “Investor demand to partner with us on this portfolio is strong and we are very pleased to complete this acquisition together with three leading global institutional investors. This transaction is in line with our growth strategy of expanding into the best logistics markets internationally via our Fund Management Platform.”
The transaction boosts GLP’s US footprint by 50 percent to 173 million sq ft, making GLP becoming the second largest logistics property owner and operator in the US within a year of market entry.