Global Logistic Properties, the provider of modern logistics facilities in China and Japan, today announced that it has acquired an additional 20% stake in GLP Park Suzhou from its joint venture partner SEALL for a purchase price of RMB 392.3 million ($75.5 million).
SEALL is a government-owned company affiliated to the Suzhou Industrial Park Administrative Committee.
GLP’s stake in the joint venture has increased to 70% from 50%.
Established in 2004 as a 50:50 joint venture between GLP and SEALL, GLP Park Suzhou is now GLP’s largest logistics park in China, with a total Gross Floor Area (GFA) of 5.85 million sq ft on over 13.1 million sq ft of land.
GLP Park Suzhou is located in the Suzhou Industrial Park (SIP), the largest and most successful modern manufacturing and logistics base in China. The joint venture has exclusive rights to develop logistics facilities in SIP.
The purchase price of RMB 392.3 million comprises share purchase consideration of RMB 335.0 million and non-property assets and liabilities of RMB 57.4 million.
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