RRJ, Temasek commit $250m to Chinese warehouse developer

Yupei said the funding round, which follows a $200 million investment last year by The Carlyle Group and The Townsend Group, completes its equity financing plans for the foreseeable future. The company is building logistics warehouses with more than 3.4 million square meters of net leasable area. Its current portfolio includes 16 warehouses with a gross floor area of more than 1.4 million square meters.

"China is an attractive logistics market, with strong fundamental demand and a limited supply of modern logistics facilities. As a leading player in the industry, we believe Yupei is well-positioned to capitalize on this rapidly growing market," said Jimmy Phoon, CEO of SeaTown Holdings International, a wholly-owned unit of Temasek.

RRJ, which was set up in 2011 by Richard Ong, formerly of Goldman Sachs and Hopu Investments, reached a final close of around $3.5 billion on its second fund last year. It now has $5.9 billion in assets under management across two funds, with investments in China, Southeast Asia, Europe and North America.

Recent investments include the acquisition of a 45% stake in a dairy farming joint venture with Shanghai-listed Bright Dairy & Food, a subsidiary of Chinese conglomerate Bright Food Group, for RMB1.5 billion ($250 million), and the purchase of a 7.85% stake in China Everbright International, a subsidiary of China Everbright Holdings for $349 million.

Temasek is understood to be an LP in RRJ's funds and it is a frequent co-investor with the GP, particularly in the energy sector. Ong's brother Charles, who joined RRJ as co-chairman and co-CEO in 2012, previously spent 10 years with Temasek, including a stint running SeaTown.

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• Topics
• Infrastructure
• Greater China
• Expansion
• Logistics
• Infrastructure
• RRJ Capital
• Temasek Holdings
• China