Global Logistic Properties says it will acquire a 53% interest in Airport City Development Co., Ltd. (ACL), the sole developer of the airside cargo handling and bonded logistics facility at the Beijing Capital International Airport (BCIA), from Prosper Line Investments Limited and Great Ocean Overseas Holdings Limited.

The deal size is about US$375 million ($483 million) in cash and stock and includes the proposed sale of certain non-core assets, GLP said in a statement.

The company says the investment will advance its strategic position as a provider of air-cargo logistics facilities in China. The ACL properties will also be GLP’s first air cargo facilities to be sited within an airport.

The ACL facilities are located beside the second runway of BCIA in the newly setup Beijing Tianzhu Free Trade Zone. The ACL facilities currently serve major air freight companies that are existing clients of GLP in other cities and markets, such as FedEx.

The completed and planned gross floor area is 793,000 sqm, made up of 280,000 sqm of completed properties and another 513,000 sqm of development pipeline at the airport. Future developments in the pipeline, which include facilities such as air cargo terminals, express centre, warehouses, bonded logistics centre and office complex catering to tenants of the logistics facilities, will provide end-to-end handling of air freight at BCIA.

Users of the BCIA air cargo centre will benefit from one-stop cost-efficient cargo and bonded operations. These sites, when fully completed, will enable ACL to become a clear leader in the BCIA cargo handling area.