GLP’s US operations said to field interest from Prologis

Photo: GLP website

Prologis Inc. has expressed interest in buying GLP Pte’s U.S. operations as the Singapore-based warehouse owner prepares an initial public offering of the unit, according to people familiar with the matter.

Prologis has held talks with GLP about acquiring the division, which could fetch more than $20 billion, said the people, who asked to not be identified because the matter isn’t public. GLP has drawn interest from other potential acquirers in recent weeks for the closely held company but is focused on taking it public, one of the people said.

Discussions with Prologis are at an early stage and no deal is imminent, the people said.

Representatives for Prologis and GLP declined to comment.

GLP, which has some $64 billion in assets under management, is working with banks on a potential IPO of its U.S. division this year, people familiar with the matter said in April.

The Chicago-based unit manages about 1,345 properties and 185 million square feet across the U.S., according to its website.

San Francisco-based Prologis is one of the world’s largest owners of industrial real estate, with more than 3,700 buildings and about $97 billion assets under management, according to its website.

Its shares fell 2.3 percent to $74.49 at 1:44 p.m. in New York, giving the company a market value of about $47 billion.

Prologis acquired DCT Industrial Trust Inc. last year for more than $8 billion, its second largest deal after merging in 2011 with AMB Property Corp.

Bloomberg

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.