GLP: Reportedly in preliminary talks to acquire US$4.5b of storage space in US from Denver-based Industrial Income Trust, which has more than 200 warehouses totaling almost 58m sf of space.
Recall just two weeks back, GLP pared down 45%-interest in GLP US Income Partners 1 for US$1.47b, in a bid to recycle capital to fund an aggressive development pipeline.
A deal would cement GLP’s position as the second largest operator of US warehouse properties after US-based Prologis.
Bloomberg consensus has 18 Buy and 1 Hold ratings, with average 12-month TP of $3.23. The stock remains on Market Insight's Growth portfolio.
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