Italian logistics developer and operator Vailog said on Friday it has sold two facilities in Shanghai and formed a strategic joint venture for the development of new logistics facilities in China.

Vailog sold a 90% stake in the Vailog Jiading distribution centre and the Vailog Songjiang logistics park to Global Logistic Properties (GLP) for $60 mln (EUR 42 mln). GLP has an option to acquire the remaining 10% interest from Vailog.

The assets are located near the Shanghai Hongqiao International Airport and provide a total net leasable area of 150,000 m2. Vailog Jiading has two fully-let facilities with 34,000 m2 while Vailog Songjiang comprises three warehouses and one ancillary facility with a total of 116,000 m2. Anchor tenants include ABB, DB Schenker, TOLL, Elee and Li-Ning.

The assets are expected to be complete by November.

GLP and Vailog have already collaborated on the development of the GLP Park Kunshan and GLP Park Wujing development projects, in which GLP owned 90%.