GLOBAL Logistics Properties, the logistics unit of Singapore's sovereign wealth fund Government of Singapore Investment Corp, closed 9.7 percent higher on its debut on the main board of the Singapore exchange yesterday.

The initial public offering raised US$2.7 billion, the largest in Singapore since 1993.

China's National Social Security Fund purchased 2.2 percent of the new shares for 1 billion yuan (US$150.5 million) through Bosera Asset Management.

Nine other investors, including e-commerce giant Alibaba Group, purchased a combined 13.8 percent of the shares.

Proceeds from the IPO will be used for expansion in China and Japan.