By P.R. Venkat and Jake Maxwell Watts
SINGAPORE-- Global Logistic Properties Ltd., a warehousing company with a market capitalization of about $7.5 billion, is seeking bidders for a possible acquisition, three people familiar with the matter said Thursday.
GLP is the second-largest operator of warehouses in the U.S. The move toward a potential sale was triggered by a request for a strategic review of the company's options by GLP's biggest shareholder, Singapore sovereign-wealth fund GIC Pte. Ltd. GIC owns 37% of GLP. GLP tapped J.P. Morgan Chase & Co. to conduct the review.
Potential bidders are supposed to express their interest by early February, one of the people familiar with the matter said. The people said the process is at an early stage and a deal may or may not happen.
GLP declined to comment.
GLP has grown into one of the world's largest logistics companies through a series of acquisitions, with backing from GIC and other institutional investors.
Demand for sophisticated logistics operations has grown due to the global expansion of e-commerce. GLP has targeted the U.S. and China, the two biggest online-shopping markets, for its expansion. The company manages logistics assets worth nearly $40 billion in the U.S., China, Japan, and Brazil.
Kane Wu in Hong Kong contributed to this article.
Write to P.R. Venkat at firstname.lastname@example.org and Jake Maxwell Watts at email@example.com
(END) Dow Jones Newswires
January 05, 2017 02:00 ET (07:00 GMT)
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