Global logistics firm Prologis has debuted on the Shenzhen Stock Exchange, raising RMB2.45bn (€295m) through the listing of a new Chinese real estate investment trust (REIT).
The listing marks the first China-listed public REIT sponsored by Prologis, which will hold a 20% ownership interest. China Asset Management (ChinaAMC) will manage the vehicle.
The REIT is seeded with three logistics hubs: the Prologis Guangzhou Development Zone, Dongguan Shipai and Dongguan Hongmei centres. The vehicle is the only listed logistics REIT featuring a portfolio entirely within the Greater Bay Area.
Tim Arndt, Prologis CFO, said: “We are excited to deepen our engagement in the Chinese capital markets, bringing our decades of global REIT experience, proven expertise and a long-term investment perspective.
“We look forward to contributing to a healthy, vibrant REIT ecosystem in China and supporting the next phase of growth in the nation’s logistics real estate sector.”
Jane Wu, Prologis China chairperson, added as the first public REIT sponsored by Prologis in China, the listing was an important milestone, and the capital market response reflected a strong endorsement of the asset quality, operational resilience, and long-term strategy of Prologis in China.
Prologis first entered China in 2003 and now owns a portfolio of 43 assets.
“Prologis will continue to invest in the Chinese market with a long-term commitment, utilising its global resources and international operation experience to build future-oriented logistics infrastructure and sustainable solutions, supporting the customers’ supply chain optimisation and high-quality development,” the company said.
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