Singapore-listed warehouse operator Global Logistic Properties (GLP) said on Monday that it has established a strategic partnership with China's largest state-owned logistics company.
The tie-up with Sinotrans will feature both companies working together to develop a national network of logistics facilities across China, starting with the city of Shanghai and Guangdong province.
"This partnership will enhance our access to strategic land holdings, strengthening our platform and solidifying our position as the top logistics solution provider in China," said GLP chief executive Ming Z Mei in a statement.
GLP's statement added that the partnership will tap its expertise in developing and managing logistics parks, together with Sinotrans' capabilities in logistics operations and land-sourcing.
The two companies have an existing business relationship: Sinotrans has signed leases for 67,000 sqm (722,000 sq ft) of space owned by GLP across seven cities in China.
The tie-up was announced before markets opened. GLP shares were up two cents to $2.81 at about 12.20pm.