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Vanke says deal to buy out GLP will help its logistics property business
July 14, 2017 / 9:03 AM / 2 months ago

Vanke says deal to buy out GLP will help its logistics property business

Sign of Vanke is seen at a construction site in Shanghai, China, March 21, 2017. Picture taken March 21, 2017. REUTERS/Aly Song

HONG KONG (Reuters) - China Vanke (2202.HK) 00002.SZ said on Friday it will take part in the $11.6 billion acquisition of Asia’s biggest warehouse operator Global Logistic Properties (GLP) (GLPL.SI) by a Chinese private equity consortium.

The Chinese developer said in a statement the deal will help its footprint in logistics property and strengthen its influence. It plans to co-operate with GLP in business globally.

Shares of Vanke have been halted from trading on Friday afternoon. They rose 2.4 percent in Hong Kong before the suspension.

Reporting by Clare Jim; Editing by Muralikumar Anantharaman

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