GIC raises $1.25 billion from GLP sell-down

The sale comes at a tight discount and while it saw good support from US long funds and real estate specialists, indications last night were that the demand fell short of covering the full deal.
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One of 525 properties owned by GLP
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<div style="text-align: left;"> One of 525 properties owned by GLP </div>

The Government of Singapore Investment Corp GIC has sold about a quarter of its investment in Global Logistic Properties GLP, raising S$1.55 billion $1.25 billion. The fully underwritten deal is the biggest equity transaction in a Singapore-listed company since Hutchison-backed HPH Trust raised $5.45 billion from an initial public offering in March 2011.

It could be surpassed immediately, however, when Mapletree Greater China Commercial Trust prices its IPO today. The trust is seeking to raise between $1.2 billion and $1.3 billion from the base deal and as of yesterday was widely expected to fix the price at the top of the range following overwhelming demand. The real...

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