Global Logistic Properties, a large Asian warehouse operator, will raise $2.5bn by selling up to a third of its Chinese business to state-backed investors, in a deal that highlights the explosive growth of China’s logistics industry.
The investors include a Bank of China subsidiary, private equity firm Hopu and an unnamed Chinese insurance company, GLP said. The investors will acquire 1.5 per cent of GLP’s Singapore-listed shares and as much as a 34 per cent stake in its wholly owned China subsidiary.
With large chain stores moving deeper into the Chinese interior and a boom in ecommerce creating a need for rapid delivery of goods, logistics has become an investment focus in China.
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