New City Corporation has announced its acquisition of a logistics facility in Shanghai Pudong's Waigaoqiao Bonded Logistics Park, which marks the company's first investment in China. New City is a real estate merchant banking and investment management firm headquartered in Tokyo.

The site it will acquire is the 'Waigaoqiao Logistics Centre Phase II', a two-storey warehouse completed in June 2006, which occupies more than 250,000 square meters and is composed of 28 independent units. New City will hold 27 of these and the remaining unit is already owned by the State Grid.

'Along with the country's growing foreign trade, China's logistics industry has attracted considerable attention, including from New City itself,' commented the firm's Chairman and CEO, Frank Orrell.

Chris O'Brien, executive vice president of New City Corporation, said aside from 'the prime location and most advanced infrastructure' of the logistics park, 'the facility also provides tenants with a number of financial advantages.'

The acquisition is in line with the company's strategy to capitalize on logistics opportunities in the China market and the Asia region.