SINGAPORE (Sept 14): OCBC Investment Research is maintaining its “buy” call on Global Logistic Properties (GLP) with a target price of $2.37, after the modern warehouse provider announced it was acquiring a US-based logistics portfolio for US$1.1 billion ($1.5 billion) on Tuesday.
OCBC analyst Eli Lee noted that the acquisition from Hillwood Development Company LLC will be completed in two parts, with a US$700 million portfolio to be acquired in December, and another US$400 million development portfolio that will be acquired when it is completed and fully leased.
GLP will fund the acquisition through US$470 million in equity and US$635 million in borrowings.
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