GLP Agrees to Pay $1.36 Billion for Brazil Real Estate
Global Logistic Properties Ltd. (GLP), the real estate development firm partly owned by Singapore’s sovereign-wealth fund, agreed to pay BR Properties SA (BRPR3) 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.
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).
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