GLP

GLP: Announced that it has appointed banks to advice on its proposed issuance of SGD denominated perpetual capital securities. Grp has mandated JP Morgan as global coordinator for the offering, while Citi, Goldman Sachs, and DBS have been appointed joint bookrunners and joint lead managers.

Co. didn't state the size of the proposed offering, but said proceeds will be used to fund general corporate purposes. On top of that, Co, is scheduled to take part in UBS Global Property Investor’s Conference this wk to discuss Co’s outlook and strategy.

GLP highlights its strategies going forward and for China, grp aims to enter new submarkets with > 75% lease ratio and targets organic growth of 1.66sqm of development starts for FY12. In Jap, grp will continue to partner with CPPIB to build modern logistics properties in Jap, while monetization of its Jap assets are still on the cards.
Majority of street remains positive on grp with 8 Buy calls and 1 Sell call, with a mean TP of $2.26.