GLP C-REIT, a real estate investment trust of Singapore-based GLP Capital Partners listed on the Shanghai Stock Exchange, has raised 1.85 billion yuan (US$260 million) in a follow-on equity offering to acquire new logistics assets in China.
A total of 438 million shares were issued at 4.228 yuan per unit, the top end of the offering’s initial price range.
Proceeds will be used to acquire three logistics facilities – GLP Park Qingdao Qianwan Port, GLP Park Jiangmen Heshan, and GLP Chongqing Urban Distribution Logistics Centre, expanding the Reit’s portfolio to 10 modern logistics assets with total leasable area of 1.16 million square metres.
The assets are strategically located in China’s core logistics hubs to support regional supply chains. These include the Beijing-Tianbei-Hebei region, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area, and Chengdu-Chongqing Economic Circle.
GLP C-REIT was among the first batch of nine public C-REITs listed on China’s domestic stock exchanges in June 2021.