UC Express

Jun 20, 2017

UC Express, GLP set up fund to develop logistics infrastructure in Western China Image from pixabay. Chalida Ekvitthayavechnukul June 20, 2017: &nbsp Shanghai-based courier services provider UC Express and SGX-listed Global Logistic Properties (GLP)  have teamed up with a unit of Bank of China to raise about RMB2 billion to RMB3 billion ($290 million to $440 million) under a newly-formed logistics fund. Set up in Xi-an, Shaanxi province, the BOC Western Logistic Fund is aimed at serving the national One Belt One Road Initiative and developing the western region into a logistics and agricultural hub, according to a report by China Money Network. UC Express, founded in 2009, currently has more than 80 distribution centres and 4,000 service outlets in China. It secured a RMB300-million ($44 million) Series A last year. Investors included Eastern Bell Venture Capital, Kerry Logistics Network and Tuofeng Investment Management. In line with its rapid growth, it raised RMB2 billion in Series A plus round and bank credit in January this year. Part of the funding will be used to expand its business in Western China and set up its headquarters in a city near Xi-an. Backed by Singapore’s sovereign wealth fund GIC, GLP had launched a $3-billion CLF Fund I focusing on China’s logistics infrastructure development in 2013. Due to strong demand from investors, it formed CLF Fund II with a larger size of $7 billion in 2015. Also read: