Warehouse operator Global Logistic Properties Ltd, which owns properties in China and Japan, is looking for acquisitions after growth on the mainland drove an 11 percent rise in third quarter net profit.

GLP, about 50 percent-owned by the Government of Singapore Investment Corporation sovereign wealth fund, said it earned $91.2 million in net profit for the three months ended in December, compared with $82.1 million for the same period a year ago.

Revenue from the company's business in China rose 81 percent in the quarter, pushing total turnover up 19 percent to $145 million. Revenue in Japan rose 4.4 percent for the quarter, but fell 2.5 percent in local currency terms, the company said.

The company's management said in a conference call that it would seek to grow not only through strong domestic consumption in China but also through opportunistic deals in large markets.

"We have a strong balance sheet in China and Japan, and there's a shortage of capital among our competitors, given the lack of bank credit," GLP deputy chairman Jeffrey Schwartz said.

GLP in December teamed up with Chinese sovereign wealth fund the China Investment Corp to buy 15 warehouses in Japan for $1.6 billion from LaSalle Investment Management. That marked both the largest property deal in Japan last year and CIC's first foray into Japanese real estate. The deal closed on Feb. 8.

Chief Executive Officer Ming Mei said in the conference call that the company would use the $1.8 billion in cash on its own books as well as backing from GIC and CIC to buy more warehouses. (Reuters)