Global Logistic Properties (MC0.SG) Wednesday said the existence of a non-competition arrangement with property group ProLogis (PLD) is “not material and continues to be non-material” to its ongoing business.

The announcement is a clarification in response to a report in The Business Times that the prospectus for GLP’s initial public offer this year did not specifically disclose the non-compete agreement with ProLogis due to expire in February 2011.

The Business Times said the agreement requires GLP not compete with ProLogis in Japan while ProLogis reciprocally does not compete in GLP’s core market of China.

GLP placed in shares in a trading halt earlier Wednesday “to ensure that the company’s response to the article is appropriately disseminated to investors.”

The property group said in relation to its non-compete agreement with ProLogis, it views ProLogis in China “in the same manner as any other existing potential competitor that does not currently have a market presence in China.”

Additionally, GLP said it “does not currently have specific plans to develop new facilities or acquire land bank in Japan”.