Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

GLP Agrees to Pay $1.36 Billion for Brazil Real Estate

March 5 (Bloomberg) -- Global Logistic Properties Ltd., the real estate development firm partly owned by Singapore’s sovereign-wealth fund, agreed to pay BR Properties SA 3.18 billion reais ($1.36 billion) for assets in Brazil.

GLP is buying 34 industrial and logistic sheds, according to a regulatory filing today by Sao Paulo-based BR Properties, which said it will use the proceeds to reduce debt. The deal depends on approval from antitrust regulators.

GLP has been investing in Brazil since 2012, when it was part of a group that spent 2.9 billion reais to acquire all the logistics facilities of the private-equity firm Hemisferio Sul Investimentos. Singapore-based GLP said at the time that it was trying to profit from Brazil’s rising consumption rates and demand for distribution facilities.

Grupo BTG Pactual, Latin America’s No. 1 merger adviser, is the biggest shareholder of BR Properties, according to data compiled by Bloomberg.

BR Properties rose 0.6 percent to 17.10 reais in Sao Paulo at 2:17 p.m., while GLP closed unchanged at S$2.80 in Singapore.

BR Properties said the GLP transaction ends a November agreement it had signed with WTGoodman IBP Participacoes SA, a joint venture between Goodman Group and WTorre SA, which had offered to buy the properties for A$1.49 billion ($1.34 billion).

To contact the reporter on this story: Francisco Marcelino in Sao Paulo at mdeoliveira@bloomberg.net

To contact the editors responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net Steve Dickson

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.