The Government of Singapore Investment Corp. picked JPMorgan Chase & Co. and Citigroup Inc. as lead managers of the initial public offering of its overseas logistics assets, three people with knowledge of the matter said.

UBS AG, China International Capital Corp and DBS Group Holdings are also among arrangers of the sale, the people said, speaking on condition of anonymity. The offering may start in the fourth quarter and raise as much as US$3 billion ($4.06 billion), one of the people said.

 

GIC, manager of more than US$100 billion of Singapore’s foreign exchange reserves, bought the assets from ProLogis, the world’s largest owner of warehouses, for US$1.3 billion in December 2008. The operations were rebranded as Global Logistic Properties in March last year.

 

Global Logistic Properties operates in 26 markets in Asia, according to its website. In China, GLP manages 53 logistics parks in 18 cities, totaling 4.15 million square meters at the end of May. It operates 70 logistics facilities in eight cities in Japan.

 

Jennifer Lewis, a GIC spokeswoman, declined to comment. Reuters earlier today reported the underwriters picked to manage the sale, citing unidentified people.