China Logistics Property Holdings Co. Ltd. unit China Yupei Logistics Property Development Co. Ltd. sold its entire equity interest in its subsidiary that owns three Chinese project companies for 1.47 billion yuan to Yupei Logistics Property Fund I LP.
The deal also includes the loan owed by Yupei Logistics Property Management 21 Co. Ltd. to China Yupei Logistics.
The purchaser is a logistics fund whose shareholders include China Logistics unit Yupei Logistics Property Fund Management I Co. Ltd. as general partner and Yupei Logistics Property Management 22 Co. Ltd., as well as Elegant Fragrant Ltd., a unit of ICBC International Investment Management Ltd., which committed to invest 801 million yuan to the fund for a 49.0% interest.
The three project companies are Wuxi Yupei Warehousing Development Co. Ltd., a unit of Yupei Wuxi Logistics Property Development Co. Ltd.; Shenyang Yupei Warehousing Co. Ltd., a unit of Seed Tiexi I Co. Ltd.; and Zhengzhou Yupei Warehousing Co. Ltd., a subsidiary of Seed Zhengzhou Co. Ltd. Together, the three companies are valued at 1.80 billion yuan, with landholdings that include completed gross floor area of 340,637 square meters and planned gross floor area of 207,032 square meters.
As of Dec. 21, US$1 was equivalent to 6.91 yuan.