Singapore-listed Global Logistic Properties GLP has raised S$414.4 million $339 million from the sale of new shares that it will use to fund its share of an acquisition of logistic properties and developments in Brazil.
The acquisition was announced late afternoon yesterday and is expected to be completed in early December. The total acquisition cost is 2.9 billion Brazilian real $1.45 billion, but GLP has teamed up with three high-profile partners so its initial investment is capped at $334 million.
The partners are the Government of Singapore Investment Corp GIC, which prior to last night’s placement owned just over 50% of GLP China Investment Corp...
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