A state-owned enterprise in Zhejiang, China, will invest RMB 2.5 billion ($350 million) in logistics real estate firm and data center operator GLP.

Quzhou Industrial Holding Group, which is named after the city of Quzhou and affiliated with the Zhejiang government, will take an equity stake in GLP's China data center business. The exact amount or proportion of shares acquired was undisclosed.

The state-owned enterprise similarly acquired a stake in solar module maker DAS Solar in April of this year.

Zhejiang is a coastal province located in eastern China. Its capital, Hangzhou, is home to various Chinese tech darlings, including AI company Deepseek and robotics company Unitree.

GLP closed a RMB 2.6bn ($358m) data center fund in April of this year. The fund intends to acquire a data center developed by GLP and leased to a leading e-commerce company.

Both the press release announcing the conclusion of that funding round and the press release announcing Quzhou Industrial Holding Group’s equity stake state that GLP China operates 20 data centers totaling 1.4GW of capacity, implying that the deal to acquire the data center mentioned in April’s press release has not yet been closed.

Last year, GLP sold its international fund management business unit, including data center platform Ada Infrastructure, to Ares Management Corporation in a deal worth $3.7bn.