Deals
Singapore State Fund Said to Confront Complaints in GLP Sale
- Bidders competing with management group sought more disclosure
- GIC is biggest investor in $9.7 billion warehouse developer
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The litany of complaints about the biggest Asian buyout deal became so bad that Singapore’s sovereign wealth fund decided to act.
A bidding process for Global Logistic Properties Ltd., the $9.7 billion warehouse developer, has been running since the start of the year. In May, representatives of GIC Pte, the company’s largest shareholder, called the GLP working team managing the sale into their offices, according to people familiar with the matter. The Singaporean fund instructed the assembled group to be more responsive to bidders’ questions and share information transparently in the auction, the people said, asking not to be identified because the discussions were confidential.