GLP says to buy stake in China's state-owned warehouse firm
HONG KONG Aug 4 (Reuters) - Global Logistic Properties Ltd (GLP) said on Monday it will buy a 15.3 percent stake in China's largest state-owned warehouse logistics company for 2 billion yuan ($324 million), and the two firms will form a joint venture to be the exclusive vehicle for the Chinese company's logistics development projects in the country.
GLP and its partner China Materials Storage and Transportation Development Company (CMSTD) are expected to invest over 3.6 billion yuan ($583 million) to develop up to 1.3 million square meters of buildable area across China.
GLP, a provider of logistics facilities in China, Japan and Brazil, will pay 11.82 yuan per share for the 15.3 percent stake via a private placement, representing a 10 percent discount to the last transacted price of CMSTD on July 25. (Reporting by Clare Jim; Editing by Jane Merriman)