DragonCor, a portfolio company owned by Blackstone Real Estate funds, has acquired 280,000sqm of modern warehousing in the Greater Bay Area of Southern China at an undisclosed price.

Justin Wai, head of real estate, Greater China, for Blackstone, said: “We continue to see compelling opportunities to do business in China, where we have been active investors over the last 16 years.

“This acquisition is an important step towards building the DragonCor platform as we continue to grow our presence and deliver our global expertise across the real estate cycle.”

Since 2017, DragonCor has grown from a purely logistics platform to a multi-asset class portfolio spanning logistics, residential, retail, and office located across 18 Chinese cities.

DragonCor today also announced a number of new hires, including a head of logistics business development, head of ESG, head of legal and a general manager of Westlink.

Peter Hwang, chief executive officer, DragonCor, said: “We are thrilled to welcome a diverse group of leaders who can bolster our business capabilities and reinforce our commitment to delivering exceptional outcomes for our people, our assets and communities.

To read the latest edition of the latest IPE Real Assets magazine click here.