GIC’s logistics unit to rake in $700 million in anticipated IPO
The Government of Singapore Investment Corp (GIC), the city-state’s leading SWF, is set to launch an initial public offering for its logistics arm later this year, with the aim of raising at least S$1 billion ($707 million).
The logistics business includes GIC's real estate unit focused on China and Japan, which was acquired from warehouse owner ProLogis in 2008 for $1.3 billion. The entity could debut as Singapore's largest IPO since CapitaMalls Asia hit the stock exchange last year, raking in S$2 billion ($1.4 billion).
The IPO is slated to take place close to the fourth quarter of the year, reports note, with JPMorgan and Citigroup advising GIC. GIC indicated in its 2009 financial report that the SWF was managing more than $300 billion of assets, 12% of these from the real estate sector, which includes 300 investments in more than 30 countries.
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