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Chinese buyout group wins $11.6 billion deal to buy Global Logistic Properties

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Staff Writer |
Global Logistic Properties
Acquisition   The seven-month auction

Global Logistic Properties agreed to be acquired by a Chinese private equity consortium backed by senior GLP executives for about S$16 billion ($11.6 billion).

The seven-month auction for Asia's biggest warehouse operator was marred by complaints from some potential bidders about a lack of transparency and the perceived advantages of the Chinese consortium through their business ties.

The winning group of China'sHopu Investment Management, Hillhouse Capital Group, Vanke Group, and Bank of China Group Investment was supported by GLP Chief Executive Ming Mei in its bid, which trumped an offer by a Warburg Pincus-led consortium - the only other short-listed bidder.

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