JD Property, the real estate services provider spun off by China-headquartered e-commerce group JD.com, has agreed to raise $700m in series A funding, it disclosed yesterday.
The round is being co-led by private equity firm Warburg Pincus and hedge fund manager Hillhouse Capital and also features undisclosed other investors.
JD Property operates as an infrastructure manager, specialising in logistics centres. It has raised two core funds to support its operations, the second in partnership with Singapore’s sovereign wealth fund, GIC, and a development fund with GIC and Abu Dhabi’s Mubadala Investment Company.
JD.com said in its end-of-year financial results statement: “By leveraging Warburg Pincus and Hillhouse Capital’s industry expertise and resources, JD Property will further strengthen its infrastructure property management capabilities and its position as a leading player in high-quality infrastructure properties development and operations.”
Ellen Ng, head of China real estate for Warburg Pincus, added: “We have been deeply impressed by JD Property’s high-quality portfolio, unique capabilities and strong management team.
“This investment demonstrates our conviction in the tremendous growth opportunity in new economy real estate and infrastructure as well as our ongoing commitment to investing in these sectors. Given our global network and deep experience across sectors, we look forward to partnering closely with JD in the future.”
The round comes after JD.com’s supply chain services spinoff, JD Logistics, filed for an initial public offering on the Hong Kong Stock Exchange last month.
The corporate’s JD Finance spinoff raised $2bn in 2018 at an $18bn valuation while medical services provider JD Health floated in a $3.48bn IPO in December 2020.
