- BPL Pte. Ltd. will likely manage around $ 100 billion in assets after launch.
- Companies like GLP have benefited from changing consumer trends.
- The demand for warehouses increased as e-commerce companies searched for more storage space.
The global specialist in real estate logistics GLP Pte. Ltd. is considering an initial public offering (IPO) in the United States next year, the Wall Street Journal reported, citing people familiar with the matter.
The company has hired underwriters and may soon file IPO documents confidentially with the United States Securities and Exchange Commission, the sources said. The fund manager will likely oversee around $ 100 billion in assets after launch, they said.
Companies like GLP have benefited from changing consumer trends. The demand for warehouses increased as e-commerce retailers sought more storage space. According to the report, the world will add 1.48 billion square feet of logistics space by 2025.
Following 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 serve as its chairman.
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New company will 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 purchased a vast network of industrial warehouses in the United States from GLP for $ 18.7 billion, considered the largest private real estate transaction at the time.
In a company report released in August this year, GLP said it had 67 real estate and private equity funds and more than $ 100 billion in assets under management.
GLP was delisted from the Singapore Stock Exchange in 2018.