Mainboard-listed Global Logistic Properties (GLP) is ramping up its logistics pipeline with a new US$200 million venture in Suzhou, China.
GLP said it has partnered Suzhou New District Bonded Logistic Centre Development, to jointly develop the logistic park.
Known as GLP Park SND, the park will service the logistics tenants in Suzhou.
CEO of GLP, Ming Z. Mei, said this new venture would address the demand for modern logistics facilities, driven by fast-growing domestic consumption.
GLP said it hopes this will reinforce its market leadership position in China.
Phase one of the project will house new and modern logistics facilities, with expected total gross floor area of about 200,000 square meters.
For the phase one development, GLP’s estimated investment will be about US$90 million.
GLP will own 90 per cent of the new venture while the remaining 10 per cent will be owned by Suzhou New District Bonded Logistic Centre Development.
This marks GLP’s sixth development in Suzhou since 2004.
Source : Channel NewsAsia – 24 Feb 2011