Blackstone has appointed Peter Hwang as chief executive officer of DragonCor, the logistics platform in China owned and managed by Blackstone Real Estate funds.
Hwang will oversee the management and development of DragonCor, a nationwide portfolio of high-quality modern warehouses spanning 5 million square meters, which includes the largest urban logistics park in the Greater Bay Area where Blackstone has a majority stake. Hwang will assume his new role in July 2021.
“Blackstone has built the DragonCor portfolio over the last three years into a collection of carefully selected high-quality logistics assets strategically located in China’s major hubs, with a diversified tenant base across fast-growing sectors such as technology and third-party logistics. Backed by Blackstone’s global scale and logistics expertise, and a world-class management team on the ground, DragonCor today is one of China’s leading logistics portfolios,” said Cliff Chen, a Blackstone Real Estate Managing Director based in Shanghai.
Peter Hwang said: “I look forward to working with the DragonCor team and further expanding Blackstone’s logistics footprint, which is already among the biggest in China. This is an especially exciting time for the sector in China, which is seeing robust demand for warehouses driven by e-commerce trends.”
Previously, Hwang was Managing Director, Asia, at Iron Mountain, a global leader in information management, where he has led a number of successful mergers and acquisitions. Under his leadership, the company’s revenue in Asia grew significantly, making it the region’s leading document and data management company. Prior to this, he was with the Zuellig Group as Group General Manager, Business Development.
Justin Wai, a Blackstone Real Estate Managing Director based in Hong Kong, said: “We are thrilled to welcome Peter, a recognized leader, to spearhead the continued growth of DragonCor. Peter brings years of experience leading a regional team and orchestrating major transactions, and we’re confident he’ll play an important role in building our rapidly growing China logistics platform.”
