State-owned Chinese firms to invest in GLP

GLOBAL Logistic Properties (GLP) has signed an agreement with a group of Chinese state-owned enterprises and financial institutions for an up to US$2.5 billion investment in the company.

The transaction is expected to increase GLP's growth substantially, the provider of logistics facilities in China, Brazil and Japan said yesterday.

"The new partners bring increased access to best-in-class customers and additional capital, establishing a strong platform for future growth," said Jeffrey Schwartz, chairman of GLP's executive committee.