Equity International, the private equity real estate firm co-founded by Sam Zell and Gary Garrabrant, has acquired its third company in China. Yupei develops, owns and manages industrial, warehousing and logistics properties. Price was $46 million.
The Chicago-based private equity real estate firm said it closed the deal with the private Shanghai Yupei Company which currently has five properties in four cities across China, comprising approximately 350,000 square meters. The deal marks Equity International’s third portfolio company in China.
Gary Garrabrant said there was increasing demand for new warehouses in China, driven in part by the obsolence of old stock and a lack of suitable space. He said the growth in domestic consumption would fuel this further adding there were ‘powerful fundamentals’ for the sector.
Source: Private Equity Real Estate