Global Logistic Properties (GLP) said on Tuesday it had signed an agreement with German sportswear firm Adidas to develop their largest distribution center in Asia.
GLP said that Adidas is doubling its space at the same park in Suzhou, Eastern China to meet strong demand from growing domestic consumption.
"The project also reflects strong growing demand of logistics facilities to serve organized retail and domestic consumption. GLP looks forward to supporting these growth trends in China," Victor Mok, co-president of GLP China said in a statement.
Last week GLP agreed for a S$16 billion offer from a Chinese consortium.
At 0442 GMT, shares of GLP rose 0.3 percent at S$3.32.