GLP (company)

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GLP
Private
Industry
  • Logistics
  • Investment management
Founded2009; 13 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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