- GLP Pte. Ltd. will probably manage about US$100 billion in assets after the launch.
- Companies like GLP have benefited from the shifting consumption trends.
- Demand for warehouses grew as e-commerce firms looked for more storage space.
Global real-estate logistics specialist GLP Pte. Ltd. is eyeing for an initial public offering (IPO) in the US next year, Wall Street Journal reported citing people familiar with the matter.
The company has hired underwriters and might file the IPO papers confidentially with the US Securities and Exchange Commission soon, the sources said. The fund-management company is likely to oversee about US$100 billion of assets after the launch, they said.
Companies like GLP have benefited from the changing consumption trends. Demand for warehouses increased as e-commerce retailers looked for more storage space. According to the report, the world will add 1.48 billion sq. feet of logistics space by 2025.
After the listing, the real estate investment management company will merge with a US-based company. Alan Yang would be the CEO of the new public company, while GLP co-founder and CEO Ming Mei would be the chairman.
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New company to focus on green energy infrastructure
Although GLP specializes in logistics and industrial warehouses, the new company would focus on data centers and renewable-energy infrastructure, the sources said.
In 2019, Blackstone Group had purchased a vast network of industrial warehouses in the US from GLP for US$18.7 billion, considered the largest private real estate deal at the time.
In a company report in August this year, GLP said that it had 67 real estate and private-equity funds and over US$100 billion of assets under management.
GLP was delisted from the Singapore stock exchange in 2018.