Global Logistic Properties, the former unit of ProLogis's Asian operations, said yesterday that it plans to invest as much as US$1 billion in the China market over the next two years to strengthen its role as Asia's largest industrial and logistics infrastructure provider.
GLP launched its new logo in Shanghai yesterday, but said that the company will keep its original Chinese name, Pu Luo Si.
"We're excited to launch the new brand 'Global Logistic Properties' in China and Japan as it marks a new starting point for the team to continue its efforts in ensuring the consistency of our world-class quality assets as well as to explore new business opportunities," said Jeffrey H. Schwartz, chairman of the company.
In December, ProLogis, the world's largest owner, manager and developer of distribution facilities, announced that it had agreed to sell its operations in China and property-fund interests in Japan to the Government of Singapore Investment Corporation (Realty) Pte Ltd, or GIC RE, for a total of about US$1.3 billion in cash, plus liabilities assumed.
Net proceeds from the transaction would be used to reduce the firm's debt, the United States company said earlier.
The transaction, which helped ProLogis improve its balance sheet, has also enabled GLP to get ample funding from GIC RE to boost its future growth in the Asian market.
Ming Z. Mei, president of GLP, said earlier that the company, which had been growing at an annual growth rate of 100 percent on average since its entry in 2003, has been affected by a funding shortage as a result of the global financial turmoil.
(Shanghai Daily March 4, 2009)
