Dutch pension fund APG Asset Management will spend up to $650 million to purchase 20 percent of Chinese warehouse firm e-Shang and establish a joint venture, aiming to capitalise on strong demand for storage amid an online shopping boom in China.APG and e-Shang, backed by private equity firm Warburg Pincus LLC, will use the joint venture to develop and run modern logistics real estate assets across China, the companies said in a joint statement on Thursday.China's ageing warehouses could require investment of $2.5 trillion over the next 15 years to cope with a surge in e-commerce, Reuters recently reported. By 2020, China's e-commerce sector will be larger than those of the United States, Britain, Japan, German and France combined, consultants KPMG said in a recent report.The demand for warehouses has drawn the attention of pension funds such as the Canadian Pension Plan Investment Board and private equity firms such as Blackstone Group LP and Carlyle Group LP.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 0.03% or $0.01/share to $30.96. In the past year, the shares have traded as low as $19.15 and as high as $35.39. On average, 5727600 shares of BX exchange hands on a given day and today's volume is recorded at 3668948.
Shares of CG traded higher by 0.92% or $0.29/share to $31.65. In the past year, the shares have traded as low as $23.85 and as high as $39.38. On average, 786979 shares of CG exchange hands on a given day and today's volume is recorded at 288353.
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