GLP will issue 160 million new shares at S$2.59 to partly fund its acquisition of Brazilian logistic assets.

The company said on Wednesday that it would form joint ventures with the Canada Pension Plan Investment Board, China Investment Corp and Government of Singapore Investment Corp to buy US$1.4 billion of assets in Brazil.

In a statement on Thursday, GLP said the placement price of S$2.59 is at a discount of about 4.0 percent to the volume-weighted average price of S$2.69 that GLP shares were last traded on the Singapore Exchange on 12th November.

The allotment and issue of the placement shares will increase the total number of GLP’s issued shares to 4,757,144,470 shares.

The company added that approximately 2.5 percent of the gross proceeds would be used for expenses relating to the placement.

Meanwhile, the remaining net proceeds will be used to fund the initial equity commitment of its acquisition in Brazil.

On the Singapore Exchange, GLP shares fell 4.8 percent to S$2.59 on Thursday.

Source : Channel NewsAsia – 15 Nov 2012

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The properties are worth US$2.6 billion (S$3.2 billion) and GLP expects to raise a net US$1.3 billion (S$1.6 billion) from the sale of the assets.

In a statement on Thursday, GLP says the proceeds will be used primarily for investment in China and Japan.

“This is a very significant transaction for GLP. It is consistent with several key elements of our strategy, recycling capital to fund expansion in high-growth markets and growing our strong fund management platform,” said Jeffrey Schwartz, deputy chairman of GLP.

He adds that “the transaction will drive long term shareholder value as it monetises a considerable proportion of our portfolio and will generate stable recurring income for the Group, diversifying our earnings base.”

As sole sponsor, GLP will act as the property and asset manager of the J-REIT.

GLP says it will hold an interest in the J-REIT, but has not specified the potential size of its stake.

The 30 properties to be contributed to the J-REIT have attributable net profits of around US$102 million (S$124.5 million), representing approximately 23 percent of GLP’s consolidated net profits for the year ending 31st March 2012.

GLP is 50.6 percent-owned by the Government of Singapore Investment Corporation.

In Japan, GLP currently has 68 wholly-owned logistics facilities and an additional 15 that are owned in a joint venture.

The announcement was made after the close of trading on the Singapore Exchange.

On Thursday, GLP shares ended up 3.5 percent at S$2.66.

Source : Channel NewsAsia – 1 Nov 2012

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In a filing with the Singapore Exchange, the firm said the leases were for two of its facilities in Guangdong Province.

Located along the Guangzhou-Dongguan-Shenzhen economic corridor, GLP Park Zengcheng leased out 30,000 sqm of space to an unnamed leading domestic e-commerce retailer for five years. GLP Park Zengcheng’s lease ratio is now 93 per cent.

GLP Park Futian in Shenzhen also leased 14,000 sqm of space to Feili Logistics for three years. GLP Park Futian is sited close to the Hong Kong border.

Source : Channel NewsAsia – 25 Jun 2012

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