Global Logistic Properties, the owner of modern logistics facilities in China and Japan, says wholly-owned subsidiary China Logistics Holding (12), has agreed to acquire a 19.9% stake in Shenzhen Chiwan Petroleum Supply Base Co. (SCPSB), the parent company of Blogis, which is the second largest modern logistics facility provider in China to GLP.

GLP will acquire 45.89 million SCPSB shares from Offshore Joint Services (Bases) Company of Singapore (OJSB), a joint venture between JTC Corporation and Toll Holdings. The shares of SCPSB will be acquired at a price of HK$11.75 ($1.974) per share, 1.4% below the HK$11.92, the closing price of SCPSB shares on Dec 21, or a total of HK$539 million. The acquisition will be funded entirely from proceeds of GLP’s Initial Public Offering.

Blogis owns 12 projects at prime locations in 8 key strategic logistics hubs in China, with 71% of its GFA located in tier one cities. The Blogis portfolio comprises 6 completed projects with a total GFA2 of 0.62 million sqm, 2 projects with total GFA of 0.16 million sqm currently under construction, and 4 parcels of land bank with planned GFA of 0.37 million sqm.