GLP makes $375 million China acquisition

Global Logistic Properties uses IPO proceeds and shares as currency to acquire a 53% stake in the logistics facility attached to the Beijing airport.

Global Logistic Properties GLP has bought a 53% stake in Airport City Development ACD, the sole developer of the airside cargo handling and bonded logistics facility at Beijing airport for a net price of around $375 million.

GLP owns, manages and leases logistics facilities in China and Japan. Its properties are strategically located within key logistics hubs, transportation hubs or industrial zones in metropolitan areas such as Shanghai, Tianjin, Guangzhou, Tokyo and Osaka. GLP was spun off from the Government of Singapore Investment Corp GIC, one of the city-state’s two sovereign wealth funds, last year. In October GLP raised S$3.97 billion $3.0 billion from Singapore’s largest initial public...

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