(Yicai Global) Dec. 1 -- A Chinese consortium led by leading property developer China Vanke Co. [SHE:000002] has received shareholders' approvals for its planned privatization of Asia's largest modern logistics facility provider, Global Logistic Properties Ltd. (GLP) [SGX:MC0], the company said in a press briefing yesterday.

The development marks a major breakthrough for the consortium, which announced its acquisition of GLP for USD11.6 billion in July this year.

GLP owns and manages a total of 55 million square-meters of modern logistics facilities in China, Japan, the United States, Brazil as well as other countries, and is one of the world's largest real estate fund managers with a portfolio of about USD39 billion.

The warehouse provider reported revenues of USD879 million last year, up annually from USD777 million. Net profit in 2016 was USD793 million, an increase from USD719 million.

The Chinese consortium comprises Houpu Investment, Vanke, Hillhouse Capital Group, Bank of China Investment Limited, which hold stakes of 21.3 percent, 21.4 percent, 21.2 percent, 15 percent, respectively, while GLP management holds 21.2 percent.

GLP will become a wholly-owned subsidiary of the consortium once the takeover is completed, and will delist from the main board of the Singapore Exchange.