Singapore GIC seeks to list logistics business-sources

According to Reuters, “The Government of Singapore Investment Corp (GIC) is exploring the possible listing of its logistics business in Singapore in an IPO valued at between $500 million to $1 billion, sources with knowledge of the deal told Reuters. The business is part of GIC Real Estate or GIC RE which is ranked amongst the world’s top 10 real estate investment firms. GIC, Singapore’s biggest sovereign wealth fund, declined comment.

“The proposal was to list their logistics business,” said a source who is aware of GIC’s plan. “They could do an industrial REIT (real estate investment trust).”

GIC RE manages a multi-billion U.S. dollar global portfolio of property assets, with over 200 investments in more than 30 countries.

JPMorgan and Citigroup are among the banks leading the talks for the mandate, one of the sources told Reuters.”

Source: Reuters

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