Singapore-listed CapitaLand China Trust Management (CLCT) has acquired four warehouse assets across key cities in China for RMB 1.68 billion ($260 million) as the company makes its first venture into the region’s logistics market. The seller was QR Asia Logistics Master Holdco II Pte Ltd.
“We are pleased to mark CLCT’s entry into China’s burgeoning logistics sector with a quality portfolio of logistics assets, in an investment that is aligned with China’s plans for a domestic consumption-driven, higher-value and service-led economy,” said CLCT chief executive Tan Tze Wooi. “The acquisition will enable CLCT to tap China’s strong demand for logistics properties, which is supported by conducive government policies and boosted by an accelerated growth in ecommerce.”
The assets are located in Shanghai, Kunshan, Wuhan and Chengdu with a combined gross floor area of 265,259 square meters (2.86 million square feet).
The full release can be