GLP has confirmed a RMB5.8bn (€752.5m) fundraise in an initial public offering and has become the first logistics trust to be listed on the Shanghai Stock Exchange.
As reported recently, nine Chinese companies, including GLP, had been approved by authorities to list a Chinese real estate investment trust (C-REIT) on China’s stock exchanges.
Seven of the selected group are infrastructure companies. GLP and the state-owned enterprise, Hongtu Innovation Yantian Port Warehousing and Logistics, are the only two logistics companies in the mix.
Five of the REITs, including GLP C-REIT, will list on the Shanghai Exchange and the remaining four in Shenzhen.
At the time, IPE Real Assets reported that the GLP vehicle had issued 1.5bn shares at RMB3.89 per share to raise RMB5.84bn.
GLP said today that GLP C-REIT completed its IPO, adding that both the institutional and retail tranches were oversubscribed by investors.
Teresa Zhuge, executive vice chairman of GLP China, said: “The oversubscription of our C-REIT is a very encouraging sign. We continue to see robust investor demand for stable logistics and industrial assets and income streams in China and will continue to leverage our industry-leading team and portfolio to generate attractive returns for our shareholders.”
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