Shares of Singapore’s Global Logistic Properties (GLPL.SI) rose as much as 5.1% on Thursday after announcing it has formed a joint venture with Canada Pension Plan Investment Board to develop logistic facilities in Japan.
At 10:48 a.m., GLP shares were up 4.5% at $1.745 on a volume of 7.7 million shares. The broader Straits Times Index <.FTSTI> was 0.6% higher.
“It helped to boost confidence because usually pension funds are long-term investors so they don’t sell quickly,” said a local trader.
GLP, which owns warehouses in Japan and China, said on Thursday it has formed a joint venture with Canada Pension Plan Investment Board.
Each partner will invest US$250 million ($300 million) of equity over a projected three years, the company said, adding that the targeted leverage is 50% loan-to-value after stabilisation.
Canada Pension Plan Investment Board is an investment management organisation that invests the assets of the Canada Pension Plan and manages a fund that totals C$153.2 billion ($188.4 billion)
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