GLP (company)

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GLP
Private
Industry
  • Logistics
  • Investment management
Founded2009; 15 years ago (2009)
Founders
  • Ming Z. Mei
  • Jeffrey Howard Schwartz
Headquarters
Singapore
Area served
  • Brazil
  • China
  • Europe
  • India
  • Japan
  • Vietnam
  • United States
Websiteglprop.com

GLP (formerly Global Logistic Properties) is a global real estate logistics provider and investment manager based in Singapore.[1][2] The company’s warehouses serve logistics service providers, manufacturers, retailers and e-commerce companies such as Amazon and JD.com.[3][4]

In 2010, GLP became a public company listed on the Singapore Exchange.[5] It raised $2.7 billion in its initial public offering, making it Singapore’s largest IPO since 1993.[6] The company entered the US market in 2015 with the $8.1 billion acquisition of IndCor Properties Inc.’s warehouse portfolio and the purchase of 200 warehouses for $4.55 billion, making it the second-largest owner of industrial real estate in the U.S.[7][8]

GLP went private and delisted from the Singapore Exchange in 2018.[9] Its June 2019 sale of a network of U.S. warehouses to The Blackstone Group for $18.7 billion was the largest private real estate transaction in history, according to The Wall Street Journal.[10]

As of March 2020, GLP had $89 billion in assets and managed 62 million square meters of real estate across China, Brazil, India, Japan, the U.S. and Europe.[11][12]


History

Founding and Early History

GLP was founded in 2009 as “Global Logistic Properties” by Ming Mei and Jeffrey Howard Schwartz.[13][14] Schwartz and Mei had both worked for American logistics real estate investment trust company Prologis; Schwartz was a chief executive and Mei launched the company’s operations in China.[15]

GLP was listed on the Singapore Exchange in October 2010, raising S$3.45 billion ($2.7 billion) in its initial public offering.[16][17]

Through a joint venture with GIC, China Investment Corporation and CPP Investment Board, GLP expanded to Latin America in 2012 by purchasing over 30 logistics assets in Brazil for $1.45 billion.[18] The same year it listed a $1.3 billion Japanese REIT on the Tokyo Stock Exchange; at the time it was Japan’s largest real estate IPO.[19]

On November 19, 2014, co-founder and deputy chairman Schwartz died at the age of 55.[20]

After its 2015 U.S. acquisitions of IndCor Properties from The Blackstone Group for $8.1 billion[21] and 200 U.S. warehouses for $4.55 billion,[22] GLP continued to expand globally with the $2.8 billion acquisition of Gazeley, a company that owns warehouses and distribution parks throughout Europe and North America.[23]

Privatization

In 2017 GLP put itself up for sale in a bid to go private.[24] The auction for the company - initially valued at $10 billion - was subject to criticism after it only attracted two bidders - Warburg Pincus and a Chinese consortium that included Bank of China, China Life Insurance Company, HOPU Investment Management and GLP chief executive Mei.[25][26] Warburg Pincus raised concerns about a 2014 agreement that gave Chinese state-owned enterprises one-third control of GLP’s China assets in exchange for a $2.5 billion investment claiming the provision gave the Chinese consortium veto power over the China assets.[27][28] Several potential investors opted not to bid, saying the process lacked transparency and Mei’s involvement gave the consortium an advantage.[29][30] In July 2017, the Chinese consortium won the bid to acquire GLP and take the company private for S$16 billion ($11.6 billion).[31] More than 96 percent of the company’s shareholders voted for GLP to delist from the Singapore Stock Exchange in November 2017; it was officially delisted on January 22, 2018.[32][33]

2018-Present

Global Logistic Properties changed its name to the acronym GLP in 2018 because its mission expanded.[34] In spring of 2018, GLP established the $1.6 billion Hidden Hill Modern Logistics Private Equity Fund to invest in technology solutions such as robotics, automation and big-data sectors to improve efficiency in the logistics industry.[35] [36]

GLP sold about 1,300 of its U.S. warehouses to The Blackstone Group in June 2019 for $18.7 billion.[37] The Wall Street Journal called it “the largest private real-estate transaction ever.”[38]

As of April 2019, GLP was run by Mei as chief executive.[39]

In March 2020, GLP and Golden Lincoln Holdings offered $930 million to take consumer goods supplier Li & Fung private.[40]

During the Covid-19 pandemic, the company opened 110 of its logistics parks in China for the storage and transfer of healthcare equipment.[41]

References

  1. ↑ Gottfried, Miriam (26 October 2019). "Blackstone's Online Shopping Play: 800 Million Square Feet of Warehouses". Wall Street Journal. Retrieved 15 September 2020.
  2. ↑ Smith, Jennifer (24 September 2019). "E-Commerce Fulfillment Specialist Deliverr Adds $23 Million in Funding". Wall Street Journal. Retrieved 15 September 2020.
  3. ↑ "Global Logistic Properties Ltd". Nikkei Asian Review. Retrieved 15 September 2020.
  4. ↑ Anshuman, Daga; Barreto, Elzio (14 July 2017). "Chinese buyout group wins $11.6 billion bid to buy Global Logistic Properties". Reuters. Retrieved 15 September 2020.
  5. ↑ "Singapore's GLP confirms IPO price of S$1.96 a share". Reuters. 10 October 2010. Retrieved 16 September 2020.
  6. ↑ Koh, Joyce (18 October 2010). "Global Logistic Jumps in Debut of S$3.45 Billion IPO". Bloomberg. Retrieved 16 September 2020.
  7. ↑ Hoffman, Liz; Gottfried, Miriam; Lombardo, Cara (2 June 2019). "Blackstone Strikes $18.7B Deal for GLP's US Warehouse Network". Wall Street Journal. Retrieved 15 September 2020.
  8. ↑ Whelan, Robbie (28 July 2016). "Global Logistic Properties to Buy 200 U.S. Warehouses For $4.6 Billion". Wall Street Journal. Retrieved 18 September 2020.
  9. ↑ Yeung, Karen (11 May 2018). "Singapore's GLP will do something it has never done before with this US$1.6 billion private equity fund". South China Morning Post. Retrieved 15 September 2020.
  10. ↑ Hoffman, Liz; Gottfried, Miriam; Lombardo, Cara (2 June 2019). "Blackstone Strikes $18.7B Deal for GLP's US Warehouse Network". Wall Street Journal. Retrieved 15 September 2020.
  11. ↑ Ng, Eric; Moon, Louise (20 March 2020). "Hong Kong's Fung family, GLP Group offer to privatise global supply chain manager Li & Fung at 150 per cent premium". South China Morning Post. Retrieved 15 September 2020.
  12. ↑ Hoffman, Liz; Gottfried, Miriam; Lombardo, Cara (2 June 2019). "Blackstone Strikes $18.7B Deal for GLP's US Warehouse Network". Wall Street Journal. Retrieved 15 September 2020.
  13. ↑ Zhong, Isabella (5 January 2016). "Global Logistic Properties Shops for Growth in China -- Barron's Asia". Barron's. Retrieved 16 September 2020.
  14. ↑ Brasse, Jonathan (2 May 2018). "Ming Mei is ready to talk". PERE. Retrieved 15 September 2020.
  15. ↑ Kikuchi, Tomomi (18 August 2016). "Company in focus: Singaporean warehouse developer GLP plays to win in China". Nikkei. Retrieved 15 September 2020.
  16. ↑ Koh, Joyce (18 October 2010). "Global Logistic Jumps in Debut of S$3.45 Billion IPO". Bloomberg. Retrieved 16 September 2020.
  17. ↑ Kikuchi, Tomomi (18 August 2016). "Company in focus: Singaporean warehouse developer GLP plays to win in China". Nikkei. Retrieved 15 September 2020.
  18. ↑ Kikuchi, Tomomi (18 August 2016). "Company in focus: Singaporean warehouse developer GLP plays to win in China". Nikkei. Retrieved 15 September 2020.
  19. ↑ Kikuchi, Tomomi (18 August 2016). "Company in focus: Singaporean warehouse developer GLP plays to win in China". Nikkei. Retrieved 15 September 2020.
  20. ↑ Wen, Chan Yi (21 November 2014). "Global Logistic's co-founder Jeffrey Schwartz dies". Business Times. Retrieved 16 September 2020.
  21. ↑ Hoffman, Liz; Gottfried, Miriam; Lombardo, Cara (2 June 2019). "Blackstone Strikes $18.7B Deal for GLP's US Warehouse Network". Wall Street Journal. Retrieved 15 September 2020.
  22. ↑ Zhong, Isabella (5 January 2016). "Global Logistic Properties Shops for Growth in China -- Barron's Asia". Barron's. Retrieved 16 September 2020.
  23. ↑ Kynge, James (11 December 2017). "China doubles logistics deals to $32.2bn: Belt and Road Initiative Upsurge follows $20.1bn of port acquisitions in plan to enhance trade flows". Financial Times. Retrieved 3 September 2020.
  24. ↑ Daga, Anshuman; Wu, Kane (29 June 2017). "Race to buy $10 billion-valued GLP narrows down to two groups: sources". Reuters. Retrieved 17 September 2020.
  25. ↑ Kikuchi, Tomomi (18 August 2016). "Company in focus: Singaporean warehouse developer GLP plays to win in China". Nikkei. Retrieved 15 September 2020.
  26. ↑ Daga, Anshuman; Wu, Kane (29 June 2017). "Race to buy $10 billion-valued GLP narrows down to two groups: sources". Reuters. Retrieved 17 September 2020.
  27. ↑ Kikuchi, Tomomi (18 August 2016). "Company in focus: Singaporean warehouse developer GLP plays to win in China". Nikkei. Retrieved 15 September 2020.
  28. ↑ Sender, Henny; Vasaga, Jeevan (11 July 2017). "GLP auction hit by worries over China assets". Financial Times. Retrieved 3 September 2020.
  29. ↑ Sender, Henny; Vasaga, Jeevan (11 July 2017). "GLP auction hit by worries over China assets". Financial Times. Retrieved 3 September 2020.
  30. ↑ Daga, Anshuman; Wu, Kane (29 June 2017). "Race to buy $10 billion-valued GLP narrows down to two groups: sources". Reuters. Retrieved 17 September 2020.
  31. ↑ Anshuman, Daga; Barreto, Elzio (14 July 2017). "Chinese buyout group wins $11.6 billion bid to buy Global Logistic Properties". Reuters. Retrieved 15 September 2020.
  32. ↑ Lee, Justina (10 January 2018). "Global Logistic Properties sets delisting date". Nikkei Asian Review. Retrieved 17 September 2020.
  33. ↑ Lee, Justina (10 January 2018). "Global Logistic Properties sets delisting date". Nikkei Asian Review. Retrieved 17 September 2020.
  34. ↑ Brasse, Jonathan (2 May 2018). "Ming Mei is ready to talk". PERE. Retrieved 15 September 2020.
  35. ↑ Fong, Dominique (31 July 2018). "Smart Warehouses Speed Up E-Commerce in China". Wall Street Journal. Retrieved 17 September 2020.
  36. ↑ Yeung, Karen (11 May 2018). "Singapore's GLP will do something it has never done before with this US$1.6 billion private equity fund". South China Morning Post. Retrieved 15 September 2020.
  37. ↑ Hoffman, Liz; Gottfried, Miriam; Lombardo, Cara (2 June 2019). "Blackstone Strikes $18.7B Deal for GLP's US Warehouse Network". Wall Street Journal. Retrieved 15 September 2020.
  38. ↑ Hoffman, Liz; Gottfried, Miriam; Lombardo, Cara (2 June 2019). "Blackstone Strikes $18.7B Deal for GLP's US Warehouse Network". Wall Street Journal. Retrieved 15 September 2020.
  39. ↑ Hoffman, Liz (24 April 2019). "Big Warehouse Owner Plans to Go Public". Wall Street Journal. Retrieved 15 September 2020.
  40. ↑ Chang, Rachel; Wei, Daniela (20 March 2020). "Li & Fung Gets $930 Million Privatization Offer From Consortium". Bloomberg. Retrieved 17 September 2020.
  41. ↑ Jimenez, Eugenia (28 May 2020). "Why managers are donating space to help fight the coronavirus". PERE. Retrieved 17 September 2020.

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