Global alternative asset manager The Carlyle Group and The Townsend Group announced a strategic partnership with Shanghai Yupei Group to invest in 17 modern warehouses in China. Carlyle and Townsend will commit approximately $200m to acquire equity interests in five warehouses owned by Shanghai Yupei Group and to build 12 new warehouses in the next two years. Shanghai Yupei Group will also invest $200m, bringing the total equity commitment of the strategic partnership to $400m.
The 17 warehouses will be located in major logistics hubs across China, including the first-tier cities of Shanghai, Beijing, and Guangzhou, and select second-tier cities such as Shenyang, Tianjin, Chongqing, Zhengzhou and Hefei. Upon completion of its investment plan, the strategic platform expects to own and operate a nationwide logistics warehouse network with more than 1.8 million square meters of gross floor area to serve a diverse range of tenants.
