As of this past Dec. 31, GLP controlled a 578-million-square-foot portfolio comprising 2,557 completed properties across 117 cities. It had a market capitalization of US$12.3 billion and approximately US$39 billion in assets under management through its global real estate fund.

GLP's strategic review occurs at a time when the Blackstone Group is said to be considering a sale or public offering of Logicor, its European industrial platform. It was through its 2015 acquisition of Blackstone's US logistics platform, IndCor Properties, that GLP literally put itself on the North American map, partnering with sovereign wealth fund GIC on the $8.1-billion deal and later syndicating most of its 55% stake in the portfolio.

SINGAPORE—Global Logistics Properties said Thursday that it was continuing discussions with a handful of prospective buyers, with no deal reached as yet. The logistics properties owner/operator, the second largest in the US and the largest in China, Japan and Brazil, announced this past December that it had launched a strategic review at the request of GIC Pte. Ltd., its biggest shareholder, retaining J.P. Morgan Chase as an advisor.

GLP on Thursday reaffirmed that to date, none of the proposals it has received are binding. Nor is there any certainty that the discussions will lead to a deal, or about the terms of any transaction that emerges from the talks. Two board members, including CEO Ming Mei, have recused themselves from all discussions related to the review, GLP disclosed in February.

During an earnings call last month, GLP COO Stephen Schutte said no further details could be disclosed about the discussions or the strategic review, citing confidentiality. However, published reports quoting anonymous industry sources have suggested a number of potential buyers, ranging from rival logistics firms Prologis and Goodman to private equity firm Warburg Pincus.

IPE Real Estate reported in January that one possibility was a takeover by a consortium led by China Investment Corp. Bloomberg Business, which had reported on interest from a CIC-led group this past November, said in January that a consortium including Chinese buyout firm Hopu Investment Management was also considering a possible deal.

As of this past Dec. 31, GLP controlled a 578-million-square-foot portfolio comprising 2,557 completed properties across 117 cities. It had a market capitalization of US$12.3 billion and approximately US$39 billion in assets under management through its global real estate fund.

GLP's strategic review occurs at a time when the Blackstone Group is said to be considering a sale or public offering of Logicor, its European industrial platform. It was through its 2015 acquisition of Blackstone's US logistics platform, IndCor Properties, that GLP literally put itself on the North American map, partnering with sovereign wealth fund GIC on the $8.1-billion deal and later syndicating most of its 55% stake in the portfolio.