GLP Pte Ltd (GLPSP) should be able to meet its near-term cash needs, but longer-term business viability depends on it addressing uncertainties related to its fundraising channels and planned IPO.

The Singapore-headquartered warehouse and internet datacentres (IDC) investor & operator’s current ability to service its debt is underscored by 1) aggregate USD 800m cash inflow comprising  ~USD 500m pre-tax operating cashflows and ~USD 300m investment income and dividends that covered by 1.1x ~USD 700m interest, coupon and perp distributions in 2025, 2) sizeable USD 1.39bn pro forma cash as of 8 May 2026, 3) manageable USD 130m in bond maturities due in the remainder of this year, and 4) an expected up to USD 1bn further capital injection this year from sovereign-backed investment holding company Abu Dhabi Investment Authority (ADIA). (See table 1 below for details on Debtwire’s estimates on the company’s liquidity on 31 December 2026.)

It is unlikely that GLPSP will significantly increase liquidity further this year by disposing assets through raising new GLP-managed funds and/or an IPO on the Hong Kong Stock Exchange per Debtwire’s analysis.

The Singapore-based company might find it even more challenging to raise new funds following China’s National Financial Regulatory Administration (NFRA) March guidance to at least one insurer requesting it “not to increase exposure to GLP”, as Debtwire reported on 19 March. Chinese insurers were the bulk of LPs for GLP-managed funds raised in recent years. GLPSP stated in a 17 March press release on its corporate website that, neither the Singapore-based company nor its “key insurance investors” that it has spoken to, received the guidance from regulators as of that day. During the 8 May post 2025 results call, GLPSP’s CFO Nicholas Johnson reiterated that the company has not received any regulatory notification regarding reported restrictions on Chinese insurance companies over increasing their exposure to the company.

GLPSP’s fund raising activities had already significantly slowed down before the regulators’ March guidance amid a soft macroeconomic environment and cautious investor sentiment, per Debtwire analysis. The company has not publicly disclosed any fundraising so far this year. It raised funds with total equity commitment of only ~USD 450m in 2025, down 83.6% YoY, per Debtwire’s calculations based on the company’s public disclosures (see table 2 below for details).

The soft macro environment and weak investor sentiment will also make it difficult for GLP-managed funds to dispose of assets and return capital to investors upon the funds’ maturities, thus hindering the ability and the willingness of prospective fund investors to invest into new GLP-managed funds. GLPSP has not reported any significant progress on its exit plan for China Logistics Fund II (CLF II), almost two years after the fund’s original maturity in July 2024. GLPSP, after obtaining investors’ consent to extend CLF II’s maturity to July 2026, is in talks with investors to extend the fund’s maturity for another two years, per a 19 March Debtwire article. There will be a few CNY-denominated funds with China onshore investors that will mature in the next 12 months, management said on the 8 May post results call without elaborating. Debtwire estimates that GLPSP will have three funds with a total equity commitment of USD 6.64bn maturing by May 2027, assuming a nine-year fund life in line with the original fund life of CLF II.

The soft fundraising sentiment might be among the reasons that propelled GLPSP’s decision not to call its USD 850m 4.5% perp on the first reset date of 17 May. GLPSP decided not to call the perps after evaluating relative cost of capital, prevailing market conditions and its capital structure, management said on the 8 May post results call. The distribution rate on the perp will reset on 17 May from 4.5% to the prevailing U.S. five-year treasury rate on that day plus a 3.735% spread. Debtwire estimates the reset rate will be around 7.775% p.a. based on the five-year U.S. treasury rate of 4.04% as of 7 May.

The uncertainty surrounding NFRA’s guidance is also an obstacle to GLPSP’s planned Hong Kong IPO, which is in part contingent upon its ability to raise more funds and grow its business.

Relative value: USD 1bn 9.75% due-20 May 2028s offers best value across curve

The USD 1bn 9.75% due-20 May 2028s issued by GLPSP offers best value relative to the other three notes across the logistics warehouses and IDC investor & operator’s curve.

The about ~600bp spread differential between holding company GLPSP-issued due-2028s and GLP China Holdings Ltd (GLPCHI)-issued due-2029s appears wide considering a lack of ring-fence structure around the better performing GLPCHI business, as well as GLPSP’s history in moving cash between GLPCHI, GLPSP and other subsidiaries.

The GLPSP USD 1bn 9.75% due-2028s were indicated at 82c, or a yield-to-maturity (YTM) of 21.4% on 8 May. The USD 300m 7.75% due-30 April 2029s issued by the Singapore-based company’s 86.04%-owned, China-focused, Hong Kong-incorporated subsidiary GLPCHI were indicated at 83c, or a YTM of 15% on the same day.

The two senior notes offer better value relative to GLPSP’s two perps considering the logistics warehouse and IDC investor & operator’s decision not to call the USD 850m perp and low likelihood of any significant fundraising in the foreseeable future, per Debtwire analysis. Significant fundraising is among the prerequisites for GLPSP to call or to tender for the perps at least at par, in Debtwire’s opinion.

The GLPSP-issued USD 850m perp was indicated at 50c, or a yield-to-worst (YTW) of 15.1%, on 8 May. The USD 300m perp issued by the Singapore-based company was indicated at 47c, or a YTW of 15.2%, on the same day.

Key takeaways from GLPSP’s 2025 results published and investor call on 8 May, and other recent key developments:

• GLPSP’s consolidated revenues were down 1.7% HoH / 17.5% YoY to USD 957m in 2H25. The HoH and YoY decline were mainly explained by declines in management fees (down 13.5% HoH / 53.9% YoY to USD 230m in 2H25) as a result of disposing GCP International in 1H25. Rental & related income was down 3.0% HoH / 2.6% YoY to USD 356m in 2H25. Data center service income was up 9.9% HoH / 24.8% YoY to USD 133m in 2H25.
• GLPSP’s consolidated revenues were down 10.9% YoY to USD 1.93bn in 2025. Consolidated rental & related income was up 5.1% YoY to USD 723m. Consolidated management fees were down 47.5% YoY last year because GCP International was sold in 1H25. Consolidated data centre service income was up 31.6% YoY to USD 254m in 2025.
• Revenues for GLPCHI — based on the financials of the China segment included in GLPSP’s 2025 annual report — were up 0.8% HoH / 6.2% YoY to USD 739m in 2H25, and up 6.7% YoY to USD 1.47bn in 2025. GLPSP’s excluding GLPCHI’s revenues were down 9.5% HoH / 53.0% YoY to USD 218m in 2H25, and down 41.8% YoY to USD 459m in 2025, as a result of disposing GCP International in 1H25. The Singapore-based company has not disclosed the financials for its China-focused subsidiary as of the report date.
• GLPSP’s consolidated underlying EBITDA — which the Singapore-based company defines as EBITDA before fair value changes, impairments, share-based compensation and one-time gains and losses — was up 4.2% HoH but down 3.2% YoY to USD 393m in 2H25. GLPSP’s consolidated underlying EBITDA in 2025 was up 7.2% YoY to USD 770m. Consolidated underlying EBITDA margin was up 2.4 percentage points (pp) HoH / 6.1 pp YoY to 41.1% in 2H25. Consolidated underlying EBITDA margin was up 6.8 pp YoY in 2025 to 39.9%.
• The underlying EBITDA for GLPCHI — based on the financials of the China segment included in GLPSP’s 2025 annual report — was up 9.7% HoH / 11.8% YoY to USD 418m in 2H25, and up 8.9% YoY to USD 799m in 2025. The underlying EBITDA margin for the China-focused subsidiary were up 4.6 pp HoH / 2.8 pp YoY to 56.6% in 2H25, and up 1.1 pp to 54.3% in 2025.
• GLPSP excluding GLPCHI’s underlying EBITDA was negative USD 25m in 2H25, compared to negative USD 4m in 1H25 and positive USD 32m in 2H24. GLPSP excluding GLPCHI’s underlying EBITDA was negative USD 29m in 2025 compared to negative USD 16m in 2024.
• GLPSP’s IDC business have ~1.4 gigawatts (GW) of “secured” IT capacity in China, of which 400 megawatts (MW) is in service, per its 2025 results.  The Singapore-based company also has ~1GW secured IT capacity for its IDC business outside China. Both the total secured and in-service IT capacity as of 31 December remain unchanged compared to the numbers reported as of 30 June 2025 in GLPSP’s 1H25 results. Management at the 8 May call said that GLPSP has achieved over 90% occupancy rate for its 400MW in-service capacity in China. GLPSP also plans to inject IDC assets outside China into a fund. The fundraising for the overseas IDC fund is “progressing well”, management added.
• GLPSP on a consolidated basis spent USD 822m cash on capex and acquisitions in 2H25, per Debtwire calculations, which were up 20.7% HoH / 5.5% YoY. The Singapore-based company on a consolidated basis spent USD 1.50bn cash on capex and acquisitions in 2025, up 0.5% YoY.
• GLPSP on a consolidated basis received USD 553m cash proceeds from disposals in 2H25, per Debtwire calculations, which were down 71.3% HoH / 11.7% YoY. The Singapore-based company on a consolidated basis received USD 2.48bn cash proceeds from disposals last year, up 35.2% YoY, which was mainly driven by the disposal of GCP International to Ares Management Corporation in 1H25.
• GLPSP reported consolidated investment properties at USD 13.81bn as of 31 December 2025, of which USD 12.34bn, or 89.3%, were pledged to secure USD 6.15bn loans and bonds, implying a loan-to-value (LTV) ratio of 49.8%. Of the USD 13.81bn investment properties, USD 11.78bn, or 85.3%, were located in China and likely held by GLPCHI, while the remaining USD 2.03bn, or 14.7%, were located in other regions.
• GLPSP received USD 329m cash repayment for the receivables due from its immediate sole shareholder GLP Bidco Ltd in 2H25, compared to USD 85m cash repayment during 1H25. Management at the 8 May post results call said that the cash repayment was funded by the initial USD 500m investment made by ADIA to unspecified parent entities of GLPSP. GLPSP’s receivables from Bidco declined by USD 989m in 2025 to USD 3.48bn. The Singapore-based company does not provide comparable receivables balance from Bidco for semi-annual periods.
• GLPSP net received USD 234m cash from related parties other than Bidco in 2H25, compared to USD 367m net payments to related entities in 1H25 and USD 17m net payments to those entities in 2H24. GLPSP’s receivables from other related parties were USD 2.37bn as of 31 December, comprising 1) USD 1.17bn trade receivables and 2) USD 1.20bn non-trade receivables.
• GLPSP had pro forma debt of USD 14.03bn as of 8 May, which comprises 1) USD 10.09bn bank loans, 2) USD 1.67bn bonds, 3) USD 1.15bn perps, and 4) USD 1.12bn capital security instrument.
• GLPSP on a consolidated basis net repaid USD 207m unsecured loans in 2H25, equivalent to 4.8% of its USD 4.31bn outstanding principal of unsecured loans as of 30 June 2025. The Singapore-based company on a consolidated basis net repaid USD 1.12bn unsecured loans in 1H25, equivalent to 20.6% of its USD 5.42bn outstanding principal of unsecured loans as of 31 December 2024.

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