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Temasek, Singapore fund buys into China's warehouse segment

PropertyGuru

Singapore-based private equity firm RRJ Capital and Temasek Holdings' subsidiary SeaTown Holdings International have invested US$250 million (S$310 million) in Shanghai Yupei Group, one of China's biggest warehouse developers, media reports revealed.

Yupei is known to have provided warehouses for a wide array of clientele such as Coca-Cola, apparel firm Metersbonwe and Suning Commerce Group, China's largest brick-and-mortar appliance retailer.

The warehouse developer also caters to Beijing-based online cosmetics retailer Jumei.com and JD.com, a major e-commerce rival of Alibaba.

Notably, Temasek and RRJ Capital's investment follows the US$200 million (S$ 249.84 million) investment from Carlyle Group and Townsend Group last August. With a US$200 million counterpart from Yupei, the companies had planned to build 17 warehouses that will be rented out to retailers and e-commerce firms.

Yupei also recently revealed that it has enough money to expand in China for the "foreseeable future", taking into account the additional cash injection from RRJ and Temasek.

Ultimately, the warehouse developer's objective is to own and operate warehouses with a total leasing space of more than 36.6 million sq ft by 2017.



Nikki De Guzman, Junior Journalist at PropertyGuru, edited this story. To contact her about this and other stories, email nikki@propertyguru.com.sg



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