Global Logistic Properties (GLP) has announced its latest quarterly earnings amid ongoing takeover speculation.

The company has received a number of non-binding proposals from parties interested in acquiring the group.

As previously reported by IPE Real Estate, a Chinese consortium and a group led by Blackstone and Warburg Pincus have each joined the race for the Singapore-listed logistics giant.

In a statement today, announcing its third quarter earnings, GLP said no definitive transaction has been entered with any party, and there is no assurance that any transaction will materialise following an independent strategic review.

GLP reiterated that chief executive Ming Mei and board director Fang Fenglei each have an interest in one of the parties that has submitted a non-binding proposal to GLP – but have “recused” themselves from any discussion and decision relating to the strategic review.

GLP’s chairman, Seek Ngee Huat, chairs the review to weigh up options for the future of the logistics giant.

GLP today reported a 22% lift in core earnings between September and December to US$172m (€161m).

It also reported a rise in fund management fees of up to 20% on its $38bn platform. It has invested $26bn, and has $12bn in uncalled capital.

Mei said: “The group’s fund management platform continues to deliver strong performance and is a key area of growth going forward.”

The company said demand remained strong from institutional investors to partner with GLP.

Six institutional investors from Asia, the US and the Middle East are under contract for a 90% stake in GLP’s third US fund, launched in December. The fund will have an investment capacity of $1.5bn.

It includes a $400m mandate for acquisitions in the US that satisfy the fund’s criteria.

Incoming capital investors are expected to fund their shares in stages between February and April of this year, with GLP expected to retain a stake of approximately 10%.