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GLP unit lands 20-year lease deal in China
Jun 12, 2012
by Cheryl Tay Global Logistic Properties yesterday announced that its 53 percent subsidiary, Airport City Development Co Ltd (ACL), has closed a 20-year lease with Beijing Aviation Ground Service Co Ltd. Deemed as GLP's largest lease by value, the deal carries a contract value of 850 million yuan (S$171.29 million) for the first 10 years. The subject of the lease is a 60,000 sq m facility located at ACL's bonded air terminal warehouse at Beijing Capital International Airport (pictured). Kent Yang, Managing Director at GLP China, the company "believed it is also the largest logistics lease ever in China."