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RRJ, Temasek fund invest S$310m in China warehouse developer

SHANGHAI — RRJ Capital, run by Mr Charles Ong, and a fund owned by his former employer, Singapore investment giant Temasek Holdings, have invested US$250 million (S$310 million) in Chinese warehouse developer Shanghai Yupei Group.

SHANGHAI — RRJ Capital, run by Mr Charles Ong, and a fund owned by his former employer, Singapore investment giant Temasek Holdings, have invested US$250 million (S$310 million) in Chinese warehouse developer Shanghai Yupei Group.

The investment follows a US$200 million stake purchase by the Carlyle Group and Townsend Group of the United States in August and completes the firm’s equity financing needs for the foreseeable future, Yupei said yesterday. It added that it is accelerating plans to own and operate a nationwide warehouse network with more than 36.6 million sq ft of net leasable area.

Founded in 2011, RRJ is run by former Goldman Sachs partner Richard Ong and his brother Charles, who was with Temasek for a decade. Charles was Temasek’s Chief Investment Officer and CEO of Seatown Holdings International, the fund investing in Yupei, which is owned by the Singapore investment firm. He joined RRJ as co-CEO in 2012.

As of this month, RRJ manages two funds totalling US$5.9 billion. BLOOMBERG

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