Nesta is made up of HOPU, Hillhouse Capital, SMG (founded by Ming Mei), Bank of China Group Investment (based in Hong Kong), and Vanke, one of China's largest residential developers.
Global Logistic Properties (GLP) has confirmed it has accepted a takeover offer by a Chinese consortium, known as Nesta Investment Holdings, that values the Singapore company at SGD16bn (€10.2bn).
The group is offering S$3.38 in cash per share, representing an 81 per cent premium over its 12-month volume weighted average price and a 25 per cent premium over its last full trading day before the announcement.
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J.P. Morgan is the financial adviser to GLP while Citigroup Global Markets Singapore, Morgan Stanley Asia Singapore and Goldman Sachs Singapore Pte. advised the consortium on the deal.
GLP is now 37 percent owned by Singapore sovereign wealth fund GIC.
Earlier this year, GIC, which owns 37% of GLP, asked for a strategic review of the company's options, kicking off the process that led to the potential sale.
According to a joint statement released by GLP and Nesta Investment on Friday, the latter has proposed to acquire all the issued and paid-up ordinary shares of GLP (excluding treasury shares) for S$3.38 ($2.46) per share.
The Singaporean fund instructed the 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.
In a separate statement, GIC said Nesta requires its undertaking before it would agree to make the offer. GIC's undertaking, however, allows the investor to accept a higher competing bid if it comes along before the scheme meeting.
It has grown rapidly through acquisitions, including the US$8.1 billion purchase, with GIC, of USA industrial property owner IndCor from Blackstone.