By Clarence Leong

JD.com Inc. is acquiring a controlling stake in China Logistics Property Holdings Co. in a 3.99 billion Hong Kong dollar (US$513.4 million) deal that will trigger a takeover offer.

JD Property Group Corp., a subsidiary of the Chinese e-commerce giant, has agreed to acquire a 26.38% stake in China Logistics, offering HK$4.35 a share for 916.5 million shares, the companies said in a joint announcement Friday. The offer represents a 7.4% premium to the last-traded price of China Logistics shares.

The stake, to be acquired from the chairman of China Logistics, will take JD.com's total interest in the company to 37.02% and trigger an offer for all remaining shares and convertible bonds it doesn't hold, the companies said.

Shanghai-based China Logistics leases and manages logistic warehouses for customers in manufacturing, retail and other sectors.

Bank of America Corp. is advising JD.com on the deal and UBS Group AG is advising the selling party.

Write to Clarence Leong at clarence.leong@wsj.com

(END) Dow Jones Newswires

09-03-21 0614ET