Property Logistics Specialist GLP Plans IPO for Investment Arm

GLP Pte. Ltd., the world-wide professional in logistics authentic estate, is gearing up for a U.S. first general public featuring of its investment decision arm subsequent 12 months, a particular person common with the matter claimed.

GLP has employed underwriters for a probable listing of its fund-management business and could file IPO paperwork confidentially with the U.S. Securities and Trade Fee shortly, this individual stated, incorporating that the community enterprise is probably to handle about $100 billion of belongings when it launches.

Providers this kind of as carefully held GLP are benefiting from shifting world-wide intake, as buyers store far more online, driving desire for the warehouses in which shops shop and form products. The globe will include about 1.485 billion square feet of logistics area from 2020 to 2025, as worldwide e-commerce sales surge, the actual estate team

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estimated before this year.

The listing will adhere to a reorganization combining the financial investment company with a individual, U.S.-based entity identified as GLP Capital Partners LP, or GCP, whose holdings will grow to be the U.S. portfolio of the enlarged group.

Alan Yang, who was chief financial investment officer of GLP before founding and getting to be main executive of GCP, is set to serve as chief executive of the new community company, the man or woman common with the matter explained. Ming Mei, co-founder and CEO of GLP, is established to be chairman.

Although GLP has specialised primarily in logistics genuine estate, these kinds of as industrial warehouses, the new company will also emphasis on two other progress parts, data facilities and renewable-strength infrastructure, the particular person explained.

In 2019, GLP sold a community of U.S. industrial warehouses to Blackstone Team, now recognised as Blackstone Inc., for $18.7 billion, in what was then the greatest personal actual estate transaction at any time, as well as a significant wager on the ongoing explosion of e-commerce.

GLP claimed in a firm report in August that it has 67 real estate and non-public-fairness money, and extra than $100 billion of assets less than management. Its logistics true-estate enterprise managed $61 billion of property, spanning 731 million sq. feet of area, the equal of far more than 110 Pentagon structures.

The stock supplying would mark a partial return to the public marketplaces for GLP, which delisted from the Singapore inventory trade in early 2018. It was taken private in a deal well worth about $11.6 billion excluding debt by a bidding consortium that bundled Mr. Mei and the investment teams Hillhouse Money Group and Hopu Expenditure Administration Co.

Rival Prologis Inc., which was outbid in 2019 by Blackstone for GLP’s U.S. community, has some $177 billion of property beneath management, in accordance to its web-site.

Publish to Liz Hoffman at [email protected] and Quentin Webb at [email protected]

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Appeared in the December 22, 2021, print edition as ‘Property-Logistics Specialist Options IPO.’