Carlyle, Townsend to invest $200 million in China warehouses
HONG KONG (Reuters) - U.S. buyouts firm Carlyle Group (CG.O: Quote) said on Thursday it would invest around $200 million with U.S. investment management firm Townsend Group to buy and build 17 warehouses as part of plans to build a logistics platform across China.
Carlyle and Townsend have agreed to buy five logistics warehouses owned by Shanghai Yupei Group, a domestic warehouse developer and operator in China, and to build another 12 in a strategic partnership with Shanghai Yupei.
Shanghai Yupei will also invest $200 million as part of the deal, and warehouses will be built in strategic hubs across China, including first-tier cities Shanghai, Beijing and Guangzhou, and second-tier cities such as Shenyang, Tianjin, Chongqing, Zhengzhou and Hefei.
The strategic platform is planned to own and operate a nationwide logistics warehouse network with more than 1.8 million square meters of gross floor area.
(Reporting by Stephen Aldred; Editing by Paul Tait)
© Thomson Reuters 2017 All rights reserved.