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            october 22, 2019

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GLP signs a US$875 million deal


Singapore's Global Logistic Properties (GLP) has signed a US$875 million deal with China Life, China Development Bank, Bank of China, China Post and Boyu Capital.
"Demand for modern logistics facilities in China continues to grow, our partners will help us ramp up growth in terms of land acquisitions," said GPL chief executive Ming Mei.
The deal is the second stage of the Lion City property giant's financial expansion in the country's logistics market, reported Lloyd's Loading List.
Earlier this year GLP agreed a $1.6 billion agreement with a group of Chinese state-owned enterprises (SOEs) and leading financial institutions led by HOPU Investments.
Together the two-tranche deal worth just under $2.5 billion is designed to enable access to strategic sites to accelerate development, the company said.
With this agreement, the GLP-led consortium holds 33.8 per cent stake in China Holdco, to be used as a vehicle to expand GLP's logistics properties in China.
GLP is in a series of new Chinese deals. In August the company bought 15.3 per cent of China's biggest state-owned logistics warehouse provider, China Materials Storage and Transportation Development.

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