GLP delists from Singapore Exchange as part of privatization process

Global Logistics Properties, a provider of logistics facilities and solutions, marked the completion of its privatization process Monday by delisting from the Singapore Exchange.    Singapore-based logistics facilities and solutions provider Global Logistics Properties (GLP) marked the completion of its privatization process Monday by delisting from the Singapore Exchange.
   In connection with the delisting, the company’s name is changing to GLP Pte Ltd., the company said in an announcement.
   GLP is owned by a consortium of international long-term investors that manage capital for some of the world’s largest sovereign wealth funds, university endowments and pension plans from North America, Asia and Europe.
   GLP and purchaser Nesta Investment Holdings Ltd. announced the proposed privatization of GLP at $3.38 Singapore (U.S. $2.47) per share last July. Shareholders overwhelmingly approved the proposed acquisition of all issued and paid-up ordinary shares in the capital of GLP at a Nov. 30 meeting.
   Chinese consortium Nesta Investment Holdings is a wholly-owned subsidiary of Nesta Investment Holdings MidCo Ltd.; MidCo is owned by a consortium made up of investment management firms HOPU, Hillhouse Capital, SMG, BOCGI and Vanke.
   SMG Eastern Ltd. is owned by GLP’s executive officer.
   At a total value of about S$16 billion (U.S. $11.7 billion), GLP’s sale would be one of the biggest-ever private equity buyouts of an Asian company by enterprise value, according to Bloomberg Markets.