CORRECT 08/07: Global Logistic Properties: Began Construction Of Facilities In Beijing Capital Airport

Date : 08/07/2011 @ 8:12PM
Source : Dow Jones News
Stock : Intl Index Basket Cpn (GIC)
Quote : 10.19  0.0 (0.00%) @ 2:05AM

CORRECT 08/07: Global Logistic Properties: Began Construction Of Facilities In Beijing Capital Airport

Intl Index Basket Cpn (NYSE:GIC)
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Global Logistic Properties Ltd. (MC0.SG) has started construction of new logistic facilities at its Park Beijing Capital Airport.

The facilities, which are to be completed by August 2012, will provide logistics for non-bonded air-cargo handling and for logistics operations at the Beijing Capital International Airport, GLP said in a filing to the Singapore Exchange late Sunday.

GLP, which is majority owned by Singapore sovereign wealth fund Government of Singapore Investment Corp., didn't provide the cost of the new logistic facilities.

GLP Park Beijing Capital Airport has 18 properties and currently serves major air freight companies such as FedEx and DHL.

In January, GLP said it will acquire a 53% stake in China's Airport City Development Co. Ltd. for US$375 million, which is the sole developer of airside cargo handling and bonded warehouse logistic facilities for Beijing Capital International Airport.

-By P.R. Venkat, Dow Jones Newswires; +65 64154 152; venkat.pr@dowjones.com




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