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Global Logistic Properties, the largest provider of modern logistics warehouses in China, said it aims to invest up to $7 billion in the logistics sector over the next four years, as it plans to set up its second China-focused logistics infrastructure fund with seven investors.
GLP said its partners would include national pension funds and sovereign wealth funds from Asia, North America and the Middle East. The firm said $3.7 billion of equity has been committed to the fund, in which GLP holds a 56 percent interest.
The new fund, CLF II, is expected to develop 13 million square meters of facilities, and GLP will start acquiring land later this year and commence construction in April 2016.
GLP's first $3 billion China development fund, launched in November 2013, has reached its
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investment capacity. Its customers include JD.com and Alibaba Group.
China's thriving e-commerce industry faces a shortage of high tech warehouse facilities. GLP estimates only 20 to 30 percent of the nation’s warehouses feature fully computerized tracking systems and the latest technology.
Ming Mei, chief executive officer at GLP, told Reuters that existing customers would account for two-thirds of the company's new storage facilities in China.
GLP operates in 36 Chinese cities and has 11.8 million square meters of completed logistics warehouse space as of the end of March. It is also a provider of logistics facilities in Japan, Brazil and the United States.
For more of the Reuters story: www.reuters.com
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