Global Logistic Properties (MC0.SG) +0.5% at $2.14, retracing some of yesterday’s 2.3% decline triggered by competition concerns. GLP has clarified that a pact with Prologis, requiring both sides not to compete with each other in China and Japan, wasn’t disclosed in its IPO prospectus as it was deemed not material.

The agreement expires in February. Citigroup, which has a Buy call and a $2.80 target, says any potential Prologis threat to GLP after February is overstated; “since ProLogis has completely disposed of its China operations to GLP, it would have to start its China operations from scratch. In our view, the level of difficulty for ProLogis to pick up its business in China would be high.”

GLP acquired ProLogis’ Japanese and Chinese assets in 2008. Orderbook quotes tip shares to hover in a $2.10-$2.15 range for now.