Global Logistic Properties Increases Stake in GLP Park Suzhou to 70%; Strengthens Position in Key Market

Global Logistic Properties Increases Stake in GLP Park Suzhou to 70%; Strengthens Position in Key Market

  • ♣ Transaction increases GLP’s stake in its largest logistics park in China to 70% from 50%
  • ♣ GLP Park Suzhou strategically located in China’s most successful logistics and manufacturing base
  • ♣ GLP will continue to grow its relationship with joint venture partner SEALL

 

Singapore, 30 October 2012 - Global Logistic Properties Limited (“GLP”), one of the world’s largest providers of modern logistics facilities, with a market-leading presence in China and Japan, today announced that it has acquired an additional 20% stake in GLP Park Suzhou from its joint venture partner SEALL, a Government-owned company affiliated to the Suzhou Industrial Park Administrative Committee, for a total consideration of RMB 392.5 million (US$62.0 million). GLP’s stake in the joint venture has increased to 70% from 50%.

Established in 2004 as a 50:50 joint venture between GLP and SEALL, GLP Park Suzhou is now GLP’s largest logistics park in China, with a total Gross Floor Area (“GFA”) of 544,000 square metres (“sqm”) (5.85 million square feet (“sq ft”)) on over 1.2 million sqm (13.1 million sq ft) of land. 

GLP Park Suzhou is located in the Suzhou Industrial Park (“SIP”), the largest and most successful modern manufacturing and logistics base in China. The joint venture has exclusive rights to develop logistics facilities in SIP. 

Kent Yang, Managing Director of GLP China, said: “This joint venture has been a success for both partners, delivering best-in-class solutions to businesses looking to grow in this important region. The transaction announced today gives us an even larger position in a key distribution market, while we continue to grow our relationship with SEALL.”

Mr. Sun Yang Cheng, President of  SEALL, said: “GLP has been an exemplary partner for us. They are a pioneer in the logistics warehouse space in China and the market leader in the industry. Throughout the development of GLP Park Suzhou they have exceeded our expectations and we look forward to partnering with them for more projects in the future.”

GLP Park Suzhou is a modern logistics park with high quality multifunctional warehouse facilities. Combined with an on-site customs office, GLP Park Suzhou supports import-export customs clearance, bonded warehousing, preliminary processing and packaging, speedy distribution, shipping, trading and other functions.

Suzhou is situated in the heart of the Yangtze River Delta, at the intersection of the coastal economic belt and Yangtze River Delta economic belt. It is about an hour’s drive from Shanghai. The Shanghai-Nanjing Expressway and Suzhou-Hangzhou Expressway intersect in Suzhou, connecting it to major cities such as Shanghai, Nanjing and Hangzhou. In addition, the airports and seaports of Shanghai Hongqiao International Airport, Pudong International Airport, Zhangjiagang riverport, Changshu riverport, Taicang riverport and Shanghai seaport form a convenient and highly efficient transportation network.


About Global Logistic Properties (www.glprop.com) 
Global Logistic Properties (GLP) is one of the world’s largest providers of modern logistics facilities, with a market-leading presence in China and Japan. It owns, manages and leases out 446 completed properties in 187 logistics parks spread across 36 major cities in China and Japan, forming an efficient logistics network with properties strategically located in key logistics hubs, industrial zones and urban distribution centres. By providing flexible solutions of Multi-tenant, Build-to-suit and Sales-and-leaseback, GLP is dedicated to improving the supply chain efficiency for strategic expansion goals of the most dynamic manufacturers, retailers and 3rd party logistics companies in the world. The Group was listed on the Mainboard of Singapore Exchange Securities Trading Limited on October 18, 2010 (Stock code: MC0.SI).
 

Issued by: Global Logistic Properties Limited

Investor relations & Media Team

Email: investor.relations@glprop.com

 

Ambika Goel, CFA

SVP- Capital Markets and Investor Relations

Tel: +65 6643 6372

Email: agoel@glprop.com

 

 ## END ##