Boustead inks deal to develop agricultural, commodities logistics networks in Guangdong

BOUSTEAD Projects - which designs industrial space for aerospace and logistics companies - on Monday said that it will work with a Guangdong-based firm to jointly develop agricultural and commodities logistics networks within Guangdong Province in China.

It signed a strategic framework agreement with Guangdong New Co-Operative Agricultural Products Wholesale Centre Investment Co Ltd, a business unit of Guangdong Provincial Supply & Marketing Co-Operative Society.

The framework will allow Boustead to look at joint acquisition of land, development and construction of logistics infrastructure and parks, and subsequent management or sale of completed projects. The investments will be done through special purpose vehicles (SPV). Guangdong New Co-Op will take a 42 per cent shareholding in each project SPV, with Boustead taking a 30 per cent shareholding and other private investors taking up the remainder.