GLP

GLP: Business Times notes, GIC plans to sell a 12.5% stake in GLP to raise up to $1.6b. JPM, the global sole bookrunner for the deal, is offering to sell the 595.7m shares at $2.60 - $2.66 apiece, or a discount of 3.3% to 5.5% from GLP’s last close at $2.75. Pricing is expected this morning. If the shares are sold, GIC would still remain the largest single sh/h of GLP, with a deemed interest of ~35%. GIC declined to comment, but market sources said the fund was most probably just rebalancing its portfolio. Separately, GLP announced it signed ~19k sm of new leases with two different third party logistics providers in Xi’an, Northwestern China, resulting in its GLP Park Xi’an Hi-Tech devt (74k sm GFA) being fully leased upon completion. GLP currently has two further devts under construction in Xi’an. These are due to be completed in Oct ’13 and will have a total GFA of 153.5k sm. The stock is last traded at 16.6x P/E, 1.3x P/B.