Global Logistic Properties (GLP) , part-owned by Singapore sovereign fund GIC, will buy a 53 percent stake in China's Airport City Development Co to tap the country's booming air-cargo logistics business.

The deal size is about $375 million in cash and stock and includes the proposed sale of certain non-core assets, GLP said in a statement.

Airport City is the sole developer of air-cargo handling and bonded logistics facility for Beijing Capital International Airport.

GLP, listed late last year in a $3 billion IPO, had said in its prospectus it had reached a framework agreement to buy 53 percent of an unnamed Chinese company. (Reuters)