In 2010, Global Logistics Properties GLP listed on the Singaporean stock market.
GLP is Asia’s largest industrial and infrastructure provider - it owns warehouses that it leases out to clients like Alibaba-backed Best Logistics and Chinese e-commerce platform JD.com.
Last January, a consortium of Chinese institutional investors bought out shareholders including Singapore’s sovereign wealth fund GIC in a $11.6 billion deal. But the take-private event saddled it with more than $2 billion in incremental debt.
To make matters worse, credit rating agency Moody’s issued a negative rating. GLP was in the middle of a growth spurt and made an acquisition before going private....