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Nesta Investment Management S$16 billion acquisition of Global Logistic Properties

14/7/2017
Private acquisition
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S$ 16 billion

Announced

14/7/2017

Overview:

  • A Chinese private equity consortium backed by Global Logistic Properties (GLP) largest shareholders and GLP Chief Executive Ming Mei has acquired Singapore's Global Logistic Properties itself—the largest warehouse operator in Asia—for $11.6 billion.
  • The Chinese consortium comprises Hopu Investment Management, Hillhouse Capital Group, Vanke Group and Bank of China Group Investment.
  • The transaction represents Asia's largest private equity buyout, and the Chinese consortium's bid won over an offer by a Warburg Pincus-led consortium, which was the only other short-listed bidder.
  • GIC—the Singaporean sovereign wealth fund wealth fund which owns 37% of GLP—supported the transaction. 
  • Citigroup, Goldman Sachs and Morgan Stanley acted as lead joint financial advisers for the consortium, and DBS Bank and China International Capital Corporation also advise the consortium.

Wai Yee Tsang - Journalist - Asia-Pacific

Jurisdictions:

China
Singapore

Deal type:

Private acquisition

Practice area:

Private equity

Industry sector:

Logistics

Firms:
Allen & Gledhill

Party: Committee of independent directors of Greenyard Foods (Target)

Clifford Chance

Party: Bank of China Group Investment (Acquirer)

Lawyers: Anthony Wang, Liu Fang, Matthew Truman, Timothy Democratis

Davis Polk & Wardwell

Party: China Vanke Co Ltd (Acquirer)

Lawyer: Li He

Kirkland & Ellis

Party: Nesta Investments Holdings (Acquirer)

Lawyers: Jonathan Tadd, Justin Dolling, Nicholas Norris

Morrison & Foerster

Party: Global Logistics Properties (Target)

Lawyers: Eric Piesner, Marcia Ellis, Shirin Tang

Skadden Arps Slate Meagher & Flom

Party: Nesta Investments Holdings (Acquirer)

Lawyers: Danny Tricot, John Adebiyi, Jonathan Stone, Mitsuhiro Kamiya, Pascal Bine, Rajeev Duggal

WongPartnership

Party: Nesta Investments Holdings (Acquirer)

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