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ProLogis' former Asian arm to pour $1b into China in 2 yrs

By Zheng Lifei (chinadaily.com.cn)
Updated: 2009-03-06 14:45

Global Logistic Properties (GLP), the former Asian operation of the world's biggest warehouse owner and developer ProLogis, plans to invest $1 billion in China in the next two years, cashing in on the country's rapid urbanization and the government's support for the logistics sector.

GLP, now 50 percent owned by Government of Singapore Investment Corp (GIC), operates 60 logistics parks in 18 major Chinese cities.

GLP, which was also partly owned by the former ProLogis' China management, will continue to expand in tier-one cities, 21st Century Business Herald reported, citing GLP President Mei Zhiming.

"The rapid urbanization will accelerate the pace of those outdated warehousing facilities being replaced by modern ones and spur new demand for advanced logistics centers," Mei said.

US logistics giant ProLogis announced last December that it was selling its operation in China and its interest in its Japanese property funds for $1.3 billion to GIC Real Estate.

Those sold assets were renamed GLP later.