US firms to invest in 17 warehouses
Print Edition
Private equity firm Carlyle Group will partner with US investment management firm Townsend Group to invest in 17 modern warehouses in China as it eyes a share of the fast growing domestic logistics industry.
US-based Carlyle and Townsend will jointly pay US$200 million to buy stakes in five warehouses owned by Shanghai-based warehousing firm Yupei Group and to build 12 new warehouses in the next two years, Carlyle said in a statement yesterday.
Shanghai Yupei Group, one of the largest warehouse developers and operators in China, will invest the same amount to bring the total to US$400 million.
“Modern logistics is a nascent but fast growing industry in China, supported by strong growth in domestic consumption, exponential expansion of e-commerce and favorable government policies,” Jason Lee, managing director and head of Carlyle Asia Real Estate, said in the statement.
The 17 warehouses will be located in major logistics hubs across China, including Shanghai, Beijing and Guangzhou, as well as second-tier cities such as Shenyang, Tianjin, Chongqing, Zhengzhou and Hefei.
The warehouses will be part of a nationwide logistics network with more than 1.8 million square meters of gross floor area.
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