Warburg Pincus-backed D&J China buys 40% of KaiLong

Since its establishment in 2004, KaiLong has raised four renminbi-denominated real estate funds totaling RMB1.5 billion ($231 million). It closed its debut US dollar fund in May last year at $238 million. Over the years, KaiLong has invested in 30 real estate projects worth more than $1.5 billion. Twelve of these investments have already been exited.

Co-founded by Warburg Pincus and Dongping Sun in 2014, D&J develops and operates business parks and other modern industrial facilities in tier-one cities. It currently has about one million square meters of properties in operation. Tenants include domestic IT companies as well as multinationals, such as Shell, Abbott, FMC, AsiaInfo-Linkage and iSoftStone.

Warburg Pincus and Sun have invested $420 million in D&J to date, including a $200 million round completed in February.

"The partnership brings together two best-in-class teams in China's real estate sector with complementary development, asset management and fund management capabilities. It also demonstrated our commitment to continue investing the real estate market in China," Ellen Ng, a managing director at Warburg Pincus, said in a statement.

The private equity firm has invested about $2.4 billion in 20 property projects in China. Notable investments include Greentown, Guangzhou R&F, Sunshine 100 and e-Shang - which was also co-founded by Warburg Pincus and Sun.

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• Topics
• Greater China
• Real estate
• Expansion
• China
• Real estate
• Warburg Pincus Asia