The biggest initial public offering in real estate history may not happen after all.
Prologis has expressed interest in purchasing the U.S. operations of Singapore-based GLP, Bloomberg reports. GLP had previously been considering an IPO for that portion of its business, reportedly backed by Citigroup and Goldman Sachs and targeting a $20B valuation.
GLP owns 185M SF of warehouse space in the U.S. and has $64B in assets under management worldwide, but the publicly traded Prologis dwarfs it in both categories. According to its first-quarter report, Prologis owns 457M SF in the U.S. out of 772M SF worldwide, with $97B worth of total assets under management.
Prologis is no stranger to massive acquisitions, having purchased DCT Industrial Trust for $8B last year. In October, it also sold $1.1B worth of distribution centers (a portfolio it jointly owned with Norges Bank) to Mapletree Investments. Prologis counts Amazon as its largest tenant, with the e-commerce industry leader also making up a large portion of GLP’s portfolio.
Discussions around a potential deal are preliminary, Bloomberg reports, and GLP is reportedly still strategizing around an IPO.
Source: Bisnow
Larry W. Genet is a Senior Vice President in the CBRE, Inc. Miami, FL office. As part of the CBRE platform Mr. Genet can provide a wide range of services from local to Fortune 1000 clients including agency and tenant representation, asset or portfolio management, high level logistics, labor and data analytics prior to site selection, project/construction management, capital markets, owner user sales and valuation advisory services. CBRE is the global leader for real estate services worldwide.
Larry has extensive experience in landlord agency, tenant representation, acquisitions, dispositions and property management. As a third-generation commercial real estate professional and South Florida native, Larry boasts deep community ties, an intimate knowledge of the South Florida market and numerous professional contacts. Larry’s leasing expertise of industrial, office, land, retail and medical properties coupled with his experience in acquisitions and dispositions gives him the ability to represent a myriad of clients in the South Florida market. Additionally, Larry controls a portfolio of 13.5 million square feet allowing him to see every deal in the market. This ensures his clients never miss an opportunity. His knowledge of tenants and buyers in the market is top notch and when coupled with his team's vast portfolio, it's a winning combination.
