Global Logistic Properties Completes Cross-Border Investment In China

Global Logistic Properties (GLP) has completed its strategic investment of a 15.5 percent equity stake in China Materials Storage and Transportation Development Company (CMSTD).

The 15.5 percent stake in CMSTD was for Rmb2 billion representing a 43 percent discount to the last transacted price of CMSTD shares on the Shanghai Stock Exchange on 9 December 2015. The transaction boosted GLP’s NAV by $0.05 cents per share. In addition GLP will establish a development joint venture with CMSTD, which is expected to invest over Rmb3.6 billion to develop 1.3 million square meters of buildable area across China on 2.6 million square meters of land area. In total, GLP will get access to CMSTD’s land resources of more than 9 million square meters.

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