San Francisco-based U.S. logistics operator Prologis, Inc. says it has received an additional US$588 million to its China investment vehicle called Prologis China Logistics Venture, according to a company announcement.
Prologis China Logistics Venture was formed in 2011 to build, acquire and manage logistics properties in China. It has committed more than US$1.75 billion so far.
The latest capital commitments come from HIP China Logistics Investments Limited, a subsidiary of the investment arm of the government of Abu Dhabi, and Prologis itself.
Abu Dhabi Investment Council committed US$500 million, and Prologis contributed US$88 million.
"The fundamentals of the Chinese logistics sector are very compelling, fueled by domestic consumption and the growth of e-commerce," says Gary Anderson, CEO of Prologis Europe and Asia. "This incremental equity commitment enables us both to continue to grow our joint business in China."
Prologis operates a total of 574 million square feet of logistic facilities in 21 countries, serving clients including manufactures, retailers and transport companies.