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http://www.businessweek.com/news/2013-02-25/gic-says-it-remains-substantial-long-term-shareholder-in-glp

Bloomberg News

GIC Says It Remains ‘Substantial’ Long-Term Shareholder in GLP

February 25, 2013

Government of Singapore Investment Corp. said its sale of a stake in Global Logistic Properties Ltd. (GLP) is part of its rebalancing of its holdings and that it remains a “substantial” long-term shareholder in the real estate company.

GIC, Singapore’s sovereign wealth fund that’s Global Logistic’s biggest shareholder, is raising S$1.5 billion ($1.2 billion) selling part of its stake in GLP, according to a term sheet obtained by Bloomberg News today.

“GIC has been the major shareholder in GLP since its establishment,” the state fund said in an e-mailed statement today. “We are pleased with the company’s execution of its strategies and are confident of its long-term prospects.”

The stake on offer is about 13 percent of the total shares outstanding of Singapore-based Global Logistic, according to data compiled by Bloomberg News. JPMorgan Chase & Co (JPM:US), is the only bookrunner on the sale, according to the term sheet. Global Logistic is the biggest owner of Japan industrial properties.

GIC is offering 595.7 million shares at S$2.60 apiece, according to the term sheet obtained by Bloomberg News. That’s the lower end of the range of S$2.60 to S$2.66 apiece and a 5.5 percent discount from Global Logistic’s closing price of S$2.75 yesterday, according to an earlier term sheet obtained by Bloomberg News.

To contact the reporter on this story: Klaus Wille in Singapore at kwille@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net


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