GIC’s Global Logistics to buy China’s airport city

Chris Peterson

gic2Global Logistic Properties Ltd., a unit of Singapore’s investment fund, Government Investment Corp., is in talks to buy a controlling stake in China’s Airport City Development Co., the Wall Street Journal said, citing people familiar with the matter.

Airport City Development, in which Beijing Capital International Airport holds a 40 percent stake, is solely responsible for air-side cargo and warehouse facilities at Beijing Capital International Airport, the newspaper said.

An announcement is due this week and one person said GLP may pay as much as S$300 million ($233 million) in cash and an unspecified number of shares, the WSJ reported.