Warburg Pincus-backed logistics property developer New Ease and Goldman Sachs Asset Management have jointly acquired two collection of logistics real estate projects in gateway cities throughout China with a total asset value of $488 million.
The first collection of the properties jointly acquired and developed by New Ease and Goldman Sachs Asset Management are institutional-grade, modern warehouse properties located in Kunshan City, Jiangsu, Zhengzhou City, He’nan, and Sanhe City, Hebei.
The Zhengzhou project is currently operational. The Kunshan and Sanhe-based projects are expected to be fully functional by the fourth quarter of 2021.
The second collection of the properties are located in Hebei and Hubei, both of which are major logistics hubs in China.
New Ease, as the investment and asset manager, will provide asset management services for these logistics projects.
“We are excited to collaborate with Goldman Sachs, one of the world’s leading investors with deep industry insight. We view the collaboration with Goldman Sachs Asset Management as recognition of New Ease’s capabilities and strong track record in developing first-class new economy infrastructure throughout China,” said Sun Dongping, the Founder and Chairman of New Ease.
Luke Wei, a managing director at Goldman Sachs Asset Management responsible for real estate investment in Greater China, commented, “The continued development of China’s economy, especially through the rapid pace of advanced digitalization of commerce, has further accelerated the development of the logistics warehousing industry and accompanying integrated services. New Ease has strong local capabilities and we look forward to more collaboration in the future.”