US-based Prologis sets up $1.7b China core logistics fund

Prologis, California

Global logistics leader Prologis has announced the formation of its $1.7-billion new open-ended Prologis China Core Logistics Fund and an increase in its total development capacity to over $3.5 billion, it said in a statement.

The development capacity expansion comes from an additional commitment of $882 million by Prologis and HIP China Logistics Investments Ltd into the Prologis China Logistics Venture 3.

The additional commitment, along with leverage, will allow the venture to develop logistics assets worth $3.5 billion in the country, which is witnessing strong e-commerce growth and warehousing demand.

The new core fund, PCCLF, will invest in operating logistics properties in the firm’s target markets in China. The fund has raised RMB 3.1 billion ($445 million) and will acquire the existing portfolio of assets from Prologis China Logistics Venture 1 of approximately 2 million sq m with a fair value of RMB 12.3 billion ($1.7 billion).

Prologis will maintain its ownership percentage and HIP will continue to be a major investor in PCCLF.

China represents the largest consumption opportunity in the world, with a sophisticated and rapidly-growing e-commerce market,” said Prologis chief investment officer Eugene F. Reilly. “Our strategy in China is to invest in the highest-quality logistics assets located in the most important consumption markets in the country.”

As of September 30, 2019, Prologis had $111 billion of assets under management, including $58 billion in its nine co-investment ventures globally.

 

 

 

 

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.