Global Logistic Properties Acquisition Aids China Vanke's Entry Into Logistics
China Vanke announced it is part of a consortium that won the bid for Global Logistic Properties. The total consideration is HKD 90 billion, with Vanke contributing 21.4%, or HKD 19.3 billion. The acquisition will increase earnings by 4% in 2018 as well as 2019. The change in earnings is not material, so we maintain our no-moat rating and fair value estimate of HKD 29 and CNY 26.GLP owns and operates 55 million square meters of logistics facilities in China, Japan, the United States, and Brazil...
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