UK-Based logistics and distribution warehouse operator Gazeley, a Wal-Mart unit, signed letter of intent to build a warehouse inside the Ningbo Economic and Technical Development Zone.
The facility has a registered capital of US$16 million, but Gazeley plans to invest $32 million, Logistics Week reported.
Before the Gazeley deal, US-based ProLogis and AMB Property Corporation built facilities in Ningbo Economic and Technical Development Zone.
Since Gazeley started operations in 1988, it has already developed more than five million square metres of materials handling space in Europe. Gazeley chief executive Pat McGillycuddy said the company is confident in the prospects of China's logistics and warehousing industries in which he saw great potential.
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