New York-headquartered private equity firm Warburg Pincus has invested additional equity into D&J China, an operator of business parks and industrial facilities in China.
The private equity firm and D&J’s founder have committed $220 million in total, with Warburg Pincus committing a major portion of the equity.
With this upsize, the total equity commitment into D&J Industrial Property (China) Investment by both partners is more than $420 million. Warburg Pincus is understood to have invested the capital via its $15 billion, tenth global private equity fund, Warburg Pincus Private Equity X that was closed in 2008.
The firm, together with Sun Dongping, founded D&AJ China in 2014 for the investment, development and operation of business parks, headquarter parks, and modern industrial facilities in select Chinese cities, including Shanghai and Beijing.
Over the years, D&J China has amassed around 10.7 million square feet of properties in operation and under development. The firm recently also received additional capital investment from Korean pension funds represented by the Hana Bank via a corporate level facility of approximately $200 million.
“D&J China has quickly established a presence in core cities such as Beijing and Shanghai, and pioneered the unique business model in focusing on headquarter business parks and integrated industrial parks,” said Dongping, the founder, chairman and chief executive officer of D&J China.
“The upgrade of manufacturing industries and intelligence production are key focuses in the “Made in China 2025” government policy. Driven by China’s economic transformation, limited supply of office stock in CBD and improvement in infrastructure, high-quality business parks will attract more players to the market.”
This is Warburg Pincus’ second partnership with Dongping. In 2011, the two co-founded the Chinese logistics firm e-Shang that went on to merge with the Singapore-based logistics fund manager Redwood in January this year to form e-Shang Redwood (ESR).
Warburg Pincus’ has been an active investor in Chinese operating companies and real estate assets via fund investments and joint venture partnerships. So far, it has invested more than $2.4 billion in equity in a total of 20 companies and projects in the country across developers, operators, asset managers, and project portfolio partnerships in different asset types.
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