Ping An invests $600mn in US logistics property through new joint venture

Shenzhen-based Ping An Insurance Group has announced the launch of a joint venture with US property fund Blumberg Investment Partners to buy US logistics properties, South China Morning Post reported, citing statements from the companies. The insurer, China’s second-largest, has committed an initial investment portfolio of more than US$600 million, with Blumberg having identified another US$400 million of properties for further investment. “Ping An is looking at a diversified portfolio abroad,” said Paul Duan, Hong Kong-based partner of law firm Paul Hastings, which advised it in the deal. “Apart from offices and logistics, it’s also seeking opportunities to invest, on behalf of clients, in downtown residential projects.”