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GLP (company)

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GLP
Company typePrivate
IndustryLogistics, Digital Infrastructure, Renewable Energy
Founded2009; 15 years ago (2009) (as Global Logistic Properties)
FoundersMing Z. Mei, Jeffrey H. Schwartz
Area served
Brazil, China, Europe, India, Japan, Vietnam and the U.S.
Key people
Ming Z. Mei (Co-Founder and CEO)
Websiteglp.com

GLP (formerly Global Logistic Properties) is a global owner, developer and operator of logistics real estate, digital infrastructure and renewable energy. GLP also invests in and incubates new businesses that improve efficiency and drive growth across it's platforms.[1] The company's warehouses serve logistics service providers, manufacturers, retailers and e-commerce companies such as Amazon and JD.com.[2][3]

In 2010, GLP became a public company listed on the Singapore Exchange.[4] It raised $2.7 billion in its initial public offering, making it Singapore's largest IPO since 1993.[5] 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.[6][7]

GLP went private and delisted from the Singapore Exchange in 2018.[8] 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.[6]

As of March 2024, GLP manages more than 84 million square meters of real estate across China, Brazil, India, Japan, the U.S., Europe and Vietnam.[9][6]

History

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Founding and early history

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Incorporated in 2007 as Global Logistic Properties,[10] it was subsequently listed on the Singapore Exchange in 2010 by co-founders Ming Mei and Jeffrey Howard Schwartz.[11][12] 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.[13] When Schwartz stepped down from Prologis in November 2008, he and Mei partnered with Singapore's sovereign wealth fund GIC to purchase Prologis’ assets in China and Japan for $1.3 billion.[14][13]

GLP was listed on the Singapore Exchange in October 2010, raising S$3.45 billion ($2.7 billion) in its initial public offering.[5][13]

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.[13] 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.[13]

On November 19, 2014, co-founder and deputy chairman Schwartz died at the age of 55.[15]

After its 2015 U.S. acquisitions of IndCor Properties from The Blackstone Group for $8.1 billion[6] and 200 U.S. warehouses for $4.55 billion,[11] 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.[16]

Privatization

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In 2017 GLP put itself up for sale in a bid to go private.[17] The auction for the company - initially valued at $10 billion - was subject to criticism after it only attracted two bidders - Warburg Pincus and a consortium that included Bank of China, China Life Insurance Company, HOPU Investment Management and GLP chief executive Mei.[13][17] Several potential investors opted not to bid, saying the process lacked transparency and Mei's involvement gave the consortium an advantage.[18][17] In July 2017, Mei's consortium won the bid to acquire GLP and take the company private for S$16 billion ($11.6 billion).[3] 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.[19]

History since 2018

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Global Logistic Properties changed its name to the acronym GLP in 2018 because its mission expanded.[12] 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.[20][8]

  • In September 2018, GLP expanded into India by forming a strategic partnership with IndoSpace.[21]
  • GLP sold about 1,300 of its U.S. warehouses to The Blackstone Group in June 2019 for $18.7 billion.[6] The Wall Street Journal called it "the largest private real-estate transaction ever."[6]
  • On 11 October 2019, GLP announced that it would acquire 50% of China Merchants Capital from China Merchants Group.[22]
  • In March 2020, GLP and Golden Lincoln Holdings offers $930 million to take consumer goods supplier Li & Fung private.[23]
  • During the COVID-19 pandemic, the company opens 110 of its logistics parks in China for the storage and transfer of healthcare equipment.[24]

References

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  1. ^ "About Us". GLP Website. 13 May 2024. Retrieved 13 May 2024.
  2. ^ "Global Logistic Properties Ltd". Nikkei Asian Review. Archived from the original on 2 October 2020. Retrieved 15 September 2020.
  3. ^ a b 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.
  4. ^ "Singapore's GLP confirms IPO price of S$1.96 a share". Reuters. 10 October 2010. Retrieved 16 September 2020.
  5. ^ a b Koh, Joyce (18 October 2010). "Global Logistic Jumps in Debut of S$3.45 Billion IPO". Bloomberg. Retrieved 16 September 2020.
  6. ^ a b c d e f 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.
  7. ^ 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.
  8. ^ a b 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.
  9. ^ 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.
  10. ^ "NOTIFICATION ON SUBSIDIARIES" (PDF). 20 November 2017.
  11. ^ a b Zhong, Isabella (5 January 2016). "Global Logistic Properties Shops for Growth in China -- Barron's Asia". Barron's. Retrieved 16 September 2020.
  12. ^ a b Brasse, Jonathan (2 May 2018). "Ming Mei is ready to talk". PERE. Retrieved 15 September 2020.
  13. ^ a b c d e f Kikuchi, Tomomi (18 August 2016). "Company in focus: Singaporean warehouse developer GLP plays to win in China". Nikkei. Retrieved 15 September 2020.
  14. ^ Forbes Staff (21 September 2009). "A Bottom Fisher in Commercial Real Estate". Forbes. Retrieved 3 September 2020.
  15. ^ Wen, Chan Yi (21 November 2014). "Global Logistic's co-founder Jeffrey Schwartz dies". Business Times. Retrieved 16 September 2020.
  16. ^ 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.
  17. ^ a b c 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.
  18. ^ Sender, Henny; Vasaga, Jeevan (11 July 2017). "GLP auction hit by worries over China assets". Financial Times. Retrieved 3 September 2020.
  19. ^ Lee, Justina (10 January 2018). "Global Logistic Properties sets delisting date". Nikkei Asian Review. Retrieved 17 September 2020.
  20. ^ Fong, Dominique (31 July 2018). "Smart Warehouses Speed Up E-Commerce in China". Wall Street Journal. Retrieved 17 September 2020.
  21. ^ Chong, Florence (24 September 2018). "GLP targets logistics facilities in India via IndoSpace partnership". IPE Real Assets. Retrieved 31 May 2022.
  22. ^ "GLP and China Merchants Group Announce Strategic Investment Partnership to Co-Manage China Merchants Capital | GLP". www.glp.com. Retrieved 2024-01-20.
  23. ^ Chang, Rachel; Wei, Daniela (20 March 2020). "Li & Fung Gets $930 Million Privatization Offer From Consortium". Bloomberg. Retrieved 17 September 2020.
  24. ^ Jimenez, Eugenia (28 May 2020). "Why managers are donating space to help fight the coronavirus". PERE. Retrieved 17 September 2020.
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