RRJ, Carlyle-Backed Logistics Operator Seeks $489M HK IPO

China Logistics Property Holdings, formerly known as Shanghai Yupei Group with backings from RRJ Capital, Temasek Holdings and the Carlyle Group, has attracted Anbang Insurance and Sino-Ocean Group as cornerstone investors for a planned Hong Kong IPO, according to media reports.

The cornerstone investors will subscribe to over half of the shares being offered in the float, which is to place one billion shares at a price of no more than HK$3.25 apiece to raise as much as HK$3.25 billion (US$489 million), a regulatory filing shows.

As cornerstone investors, Sino-Ocean has agreed to acquire a 9.99% stake in China Logistics Property Holdings, while Anbang is to take a 4.99% interest.

Previous media reports in March indicated that China Logistics Property might seek at least US$300 million in an IPO. The enlarged deal size might indicate investor optimism on the company and the future growth of the Chinese logistics space.

In 2013, the Carlyle Group and the Townsend Group announced a strategic partnership with then-named Shanghai Yupei Group to invest approximately US$200 million in the company’s new warehouse projects.

Next year, RRJ Capital and an investment company managed by SeaTown Holdings International, which is wholly-owned by Temasek Holdings, agreed to invest US$250 million in the warehouse operator.