APG to buy 20% in e-Shang to ride e-commerce boom
Print Edition
DUTCH pension fund APG Asset Management will pay up to US$650 million for about a 20 percent stake in Chinese warehouse operator e-Shang to ride the e-commerce boom.
Shanghai-based e-Shang, backed by private-equity firm Warburg Pincus, provides warehousing services for a number of e-commerce companies such as Amazon and China’s JD.com, which need to store and transport goods amid growing consumer spending on the Internet.
“We have watched this sector closely over the last few years, and this investment is consistent with our strategy to gain the right exposure to the Chinese logistics market,” said Sachin Doshi, APG’s head of non-listed real estate for Asia-Pacific.
The APG deal follows a US$120 million pre-IPO loan from Goldman Sachs last December for e-Shang. Jeffrey Shen, CEO of e-Shang, said the company aims for an initial public offering as early as 2016, either in Hong Kong, Singapore or the United States.
Jeffrey Perlman, executive director of Warburg Pincus, pointed out that APG’s investment and the recent financing from Goldman could enable e-Shang to more than triple the size of its portfolio in coming years.
E-Shang owns over 1.5 million square meters of completed and ongoing projects in China, mainly in Shanghai, Beijing and Guangzhou, as well as some second-tier cities.
APG and e-Shang also agreed to establish a joint venture that will concentrate on warehousing infrastructure in smaller cities.
Investment interest in the real estate sector supporting China’s logistics has been increasing. Logistics involves the transport, storage and delivery of goods.
Last month, PE firm RRJ Capital and Singapore’s Temasek Holdings agreed to invest US$250 million in Shanghai Yupei Group, one of China’s largest logistics warehousing companies.
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