Global Logistic Properties, part of the Singapore government sovereign wealth fund, said today it will acquire a controlling interest in cargo handling at Beijing airport for US375 million.

The unit of Government of Singapore Investment Corp will buy a 53 percent stake in China's Airport City Development Co, Dow Jones International News reported.

Airport City Development is the sole developer of air side cargo handling and bonded warehouse logistic facilities for Beijing Capital International Airport.

The target stake is currently owned by Prosper Line Investments and Great Ocean Overseas Holdings.

The purchase consideration comprises both cash and GLP stock and also includes the proposed sale of various non-core and logistic assets, which GLP does not wish to own, back to the seller.