SINGAPORE (Dec 2): Global Logistic Properties (GLP) has acknowledged it is undertaking strategic review,\ following a request from its largest shareholder, GIC Real Estate, and has appointed JPMorgan as a financial adviser to assist in the review.

JPMorgan, as part of the review, has been making preliminary approaches to various parties to evaluate the viability of the business, states GLP.

GLP was responding to a Bloomberg report which said the owner of modern logistics properties appointed JPMorgan for the review, after attracting takeover interest from a consortium backed by China’s sovereign fund.

The Singapore-based company drew unsolicited interest from an investor group, including China Investment Corp (CIC), Hopu Investment Management and Hillhouse Capital Management, people with knowledge of the matter told Bloomberg last month.

(See also: CIC group said to mull bid for US$6 bil property owner GLP)

GLP has emphasised that no definitive transaction has been entered into with any party, including CIC, regarding a possible takeover.

The group says it will make appropriate announcements in the event of material development. The company reiterates there is no assurance any transaction will materialise from this review.

Shares of GLP closed flat at S$2.06 on Thursday.