Warburg Pincus-backed D&J China raises $180m
Warburg Pincus has led a $180 million Series D funding round in business park developer D&J China as part of a domestic operational expansion.
The company, seeded by Warburg Pincus in 2014, will use the capital to grow capacity in tier-one cities and other strategic markets within China. Its current portfolio includes some 2 million square meters of research, manufacturing, and data center facilities across markets including in Beijing, Shanghai, Shenzhen, and Nanjing.
“We continue to be very optimistic about corporate demand for dedicated business and IT parks, R&D facilities and multi-functional ‘flex’ spaces in good locations with strong accessibility,” Ellen Ng, managing director of Warburg Pincus, said in a statement. “We look forward to continuing our journey with D&J China with our support to strengthen its leadership position in the space.”
D&J China clients include Johnson & Johnson and Shell. The company is also a development partner of state-owned industrial properties groups Zhangjiang Group and Zhangjiang Hi-tech and Science Park, as well as international groups including Mitsui & Co. Last year, it launched a RMB10 billion ($1.5 billion) industrial infrastructure fund with AVIC Trust that was said to be the largest local fund of its kind.
Warburg Pincus provided a $220 million round of funding for D&J China last year after backing the company’s acquisition of a 40% stake in real estate investment firm KaiLong for an undisclosed sum. The GP’s previous support for the sector includes the establishment of warehousing developer e-Shang, which attracted a $120 million investment from Goldman Sachs and $650 million round from APG Asset Management.
Interest in China’s industrial infrastructure space is tied to the government’s Made in China 2025 policy, which aims to upgrade facilities and expand smart manufacturing resources. The plan is expected to focus on high-end technologies such as robotics, aerospace and new materials.
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