Global Logistic Properties, a logistics company whose customers include Wal-Mart China and FedEx Corp., said it’s seeking opportunities in so-called second-tier cities in China after an acquisition in the country.

The Singapore-based company agreed to pay about US$375 million ($483.6 million) for a controlling equity interest in Airport City Development Co., the developer of the Beijing Capital International Airports airside cargo handling logistics area. It’s keen on properties in smaller cities including Wuhan and Xiamen, Chief Executive Officer Ming Mei said in a briefing.

 

“The Airport City Development acquisition is a once-in-a- lifetime opportunity,” he said today. “We’re looking at second-tier cities and we’re looking to secure good sites.”

 

The company said it expects cargo demand through the Beijing airport to increase 15% a year from 2010 to 2015. Rents at its cargo express facilities are more than three times the charges at its warehouse, he said.

 

The stock climbed 0.9% to $2.16 at the 12:30 p.m. midday break.

 

Global Logistic, which is partly owned by Government of Singapore Investment Corp., the city-state’s sovereign wealth fund, raised $3.9 billion in October in Singapore’s biggest initial public offering since 1993.