ProLogis has increased its exposure in China by acquiring five large inland sites
The US company announced today it had acquired the schemes which will total 8.7m sq ft (808,000 sq m) and have a completed value of $246m (£128m).
The schemes at Changsha, Chengdu, Chongging, Nanjing and Wuhan, will be developed from this year onwards.
Jeff Schwartz, chief executive office at ProLogis said: ‘The expansion we're announcing today is a natural evolution of our overall strategy for China. While we continue to extend our presence in coastal markets, we also see opportunity in the country's large inland cities, driven by exceptional GDP growth and increased domestic consumption.’
‘Our five new expansion cities have an aggregate population of more than 60 million people, and all are important regional distribution hubs for manufacturers, retailers and third-party logistics providers.’