Warburg Pincus Leads $180M Round In Property Developer D&J China

Private equity firm Warburg Pincus has led a US$180 million series D round in D&J Industrial Property China Investment Ltd., a Chinese business park and suburban office developer.

D&J China was founded in 2014 by Warburg Pincus and Sun Dongping, who also founded logistics firm Shanghai e-Shang Warehousing Services Co., Ltd. with Warburg Pincus. The company is engaged in the development and operation of business parks, headquarter parks and modern industrial facilities in various cities. It currently has about two million square meters of properties in operation and under development.

"We are very pleased with what D&J China has achieved in just three years since its inception. We continue to be very optimistic about corporate demand for dedicated business and IT parks, research and development facilities and multi-functional “flex” spaces in good locations with strong accessibility," said Ellen Ng, a managing director at Warburg Pincus, in an announcement. "We look forward to continuing our journey with D&J China with our support to strengthen its leadership position in the space."

Last year, D&J China teamed up with Chinese trust manager Avic Trust to establish a RMB10 billion (US$1.4 billion) industrial fund to invest in modern integrated industrial parks in first-tier cities in China. The fund currently has RMB16 billion (US$2.3 billion) in assets under management.

D&J China previously raised a US$220 million series B round from its founder Sun Dongping and Warburg Pincus in February, 2016. No information about its series C and series A rounds were available. The company plans to use the latest proceeds to expand its business in tier-one cities in China.