On June 29, Shenzhen International Holdings Co., Ltd. announced that it intends to acquire the entire issued share capital of multiple target companies at a total purchase price of approximately RMB1.6 billion, involving high-standard logistics properties located in three core cities. The acquisition comprises three logistics parks located in Minhang District of Shanghai, Xiqing District of Tianjin and Shapingba District of Chongqing, with GFA of approximately 52,000 sq m, 78,000 sq m and 120,000 sq m, respectively.
As the core cities of East China, North China and Southwest China, Shanghai, Tianjin and Chongqing are important hubs of logistics and transportation. Shenzhen International's acquisition of high-standard logistics projects in the three cities will help to expand the company’s footprint nationwide, indicating investors’ continuous optimism toward the value of logistics assets in core cities. The acquisition by Shenzhen International has also promoted the value of logistics in core cities.