(Yicai Global) July 17 -- Asia's largest modern logistics facility supplier, Global Logistic Properties Ltd. [SGX:MC0] (GLP), said on July 14 that a Chinese consortium has acquired it for USD11.6 billion or USD2.47 (SGD3.38) per share. The Singapore-based company's stock price closed at SGD2.7 before trading was halted.

As a modern logistics and infrastructure facility supplier, GLP manages logistics properties in countries including China, Japan, the US and Brazil.

The consortium was comprised of Hopu Investment Management Co., China Vanke Co. [SHE:000002], Hillhouse Capital Group, Bank of China Group Investment Ltd. and GLP's management, holding stakes of 21.3 percent, 21.4 percent, 21.2 percent, 15 percent and 21.2 percent, respectively.

Vanke's capital contribution was estimated to be around USD2.48 billion.

GLP will be privatized and delisted after the deal. Its largest shareholder before the deal was GIC Private Ltd., with a 37-percent stake.

Vanke's A-share and H-share listed companies both applied for trading suspensions at noon on July 14. Trading of both stocks was paused in the afternoon.

The leading Chinese real estate developer intends to ramp up its property businesses through the acquisition of GLP. The company targets a minimum increase of 1.5 million square meters in logistics properties this year, and aims to establish its logistics unit as the leader in the market's second echelon, its management said in a sales teleconference. Most of Vanke's logistics properties are leased out, with an average yield of about 6 percent, management said. The company had 1 million square meters of logistics properties in operation as of May.

China's logistics market has been dominated by foreign firms. GLP has a 50 to 60 percent share of the market.