GLP said the partners in the investment project will include national pension funds and sovereign wealth funds from Asia, North America and the Middle East, according to a Reuters report, postandparcel cites. GLP said it would hold a 56% stake in the venture, and that USD 3.7 billion of equity had already been committed to the fund.
GLP has estimated that only 20%-30% of China’s warehouses could be regarded as “modern” and the company believes the country will need to ramp up its infrastructure in order to cope with the ecommerce boom, thye source cites.
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