Warburg Pincus joins $220m Series B round for D&J China

The capital comes from the private equity firm and Dongping Sun, D&J's founder. They have now invested a total of $420 million in the company.

Set up in 2014, D&J develops and operates business parks and other corporate and modern industrial facilities in tier-one cities including Shanghai and Beijing. 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 and iSoftStone.

In a statement, D&J China said it has leveraged its long-term partnerships with Chinese state-owned enterprises, such as Zhangjiang Group, Lingang Group and Beijing Electronics Zone Corporation, to source land and tenants. It recently secured a corporate facility of about $200 million from Korean pension funds represented by Hana Bank.

"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," Sun said in the statement.

D&J China is the second company co-founded by Warburg Pincus and Sun, after the pair established warehouse developer e-Shang in 2011. That company has raised more than $1 billion in equity capital since inception, including a $120 million round from Goldman Sachs in 2013, and $650 million round from APG Asset Management in 2014.

Warburg Pincus has invested about $2.4 billion in 20 property projects in China. Its notable investments included 7 Days Inn, Greentown, Guangzhou R&F and Sunshine 100.

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