By P.R. Venkat

SINGAPORE--Warehousing giant Global Logistic Properties Ltd. said Friday that it has received bids from various parties to buy the Singapore-listed firm, including two of its top executives.

GLP, which currently has a market capitalization of $8.9 billion, was requested in December for a strategic review of the company's options by its biggest shareholder, Singapore sovereign-wealth fund GIC Pte. Ltd. GIC owns 37% of GLP.

The logistics firm had appointed J.P. Morgan Chase & Co. to conduct the review and the investment bank had last month sought initial nonbinding offers from interested parties. The nonbinding bids were due early February.

In a statement to the Singapore stock exchange, GLP said the company's chief executive, Ming Z. Mei, and nonexecutive director, Fang Fenglei, are among those interested parties that are partnering with firms that have submitted the bids. Mr. Fang runs Chinese private-equity firm Hopu Investment Management Co.

GLP said that both the executives had recused themselves from all board discussions and decisions relating to the strategic review.

It didn't name any other parties. People familiar with the situation said that the bidders included global private-equity firms.

The company said Friday that there is no assurance that any transaction will materialize from such proposals or the strategic review.

GLP is one of the world's largest warehousing and distribution companies, growing in recent years through a series of acquisitions such as an $8.1 billion purchase, with GIC, of U.S. industrial-property owner IndCor from Blackstone Group LP.

GLP also has a substantial China portfolio, valued at about $12.8 billion, including facilities in top-tier cities such as Beijing and Shanghai.

Demand for sophisticated logistics operations has grown amid the global expansion of e-commerce. GLP has targeted the U.S. and China, the two biggest online-shopping markets, for its expansion. It manages logistics assets valued at close to $40 billion across the U.S., China, Japan and Brazil.

GIC is one of the world's biggest sovereign funds and has more than one-third of its investments in the U.S. It owns stakes in Citigroup Inc. and UBS Group AG. According to the Sovereign Wealth Fund Institute, GIC oversees about $344 billion in assets, making it the world's eighth-largest sovereign fund.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

February 03, 2017 06:20 ET (11:20 GMT)

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