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Shares of Global Logistic Properties (GLP) (GLPL.SI) rose as much as 1.9% on Wednesday after it said it will buy a 53% stake in China’s Airport City Development, strengthening its position in the air cargo business.
The deal size is about US$375 million ($483.6 million) in cash and stock and includes the proposed sale of certain non-core assets, GLP, part-owned by Singapore sovereign fund GIC, said in a statement.
At 0225 GMT, GLP shares were up 1.4% at $2.17 on a volume of 35.8 million shares.
DMG & Partners Research said the investment in Airport City, the sole developer of air-cargo handling and bonded logistics facilities for Beijing Capital International Airport, will give GLP its first warehouse property within an airport.
