A Chinese consortium announced Friday it will buy Singaporean warehouse operator Global Logistic Properties (GLP) for 15.9 billion Singapore dollars (about 11.6 billion U.S. dollars).
The consortium includes Shenzhen-based real estate developer Vanke, GLP CEO Ming Z. Mei, private equity firms Hillhouse Capital Management and Hopu Investment Management, and Bank of China Group Investment.
The consortium agreed to pay 3.38 Singapore dollars a share for the Singapore Exchange-listed GLP. The deal needs further approval from a GLP shareholders' meeting and the Singaporean regulator.
GLP owns or operates warehouses and logistics facilities in China, Japan, Brazil and the United States, with a combined area of 55 million square kilometers.
Vanke's board chairman and CEO Yu Liang said the deal will allow Vanke to become GLP's important shareholder and assist in the company's expansion in the logistics sector.
He said Vanke and GLP will create a new global business model that covers real estate, logistics, commerce, and asset management.