DragonCor, Blackstone’s Real Estate Platform in China, Continues Expansion with Key Acquisitions and Hires
SHANGHAI, November 8, 2022 – DragonCor, a portfolio company owned and managed by Blackstone Real Estate funds, today announced that 280,000 square meters of high-quality modern warehouses in the Greater Bay Area will soon be added to its platform, significantly expanding DragonCor’s footprint in China and strengthening its position as one of China’s leading commercial real estate platforms. In addition, the team recently welcomed several industry veterans to further build the team’s capabilities including in Business Development; Environmental, Social and Governance (ESG); and Legal.
Since 2017, DragonCor has grown rapidly from a purely logistics platform to a multi-asset class portfolio spanning logistics, residential, retail, and office. DragonCor’s logistics portfolio is among the top five largest in China, spanning more than five million square meters. The majority of tenants are in fast-growing sectors including third-party logistics, e-commerce, and cold chain. DragonCor’s portfolio also includes Westlink, a premier office and retail complex in Shanghai, and multifamily.
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, assets and communities. At DragonCor, we’re backed by the power of the Blackstone scale and prominence, as well as the expertise of our local teams, which enables us to develop our strategies and offer a holistic asset management solution. As our business continues to grow, it’s increasingly important to remain grounded in our values of integrating ESG principles into everything we do including the way we run our business and approach investing.”
Justin Wai, Head of Real Estate Greater China, 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.”
DragonCor’s new hires include a Head of Logistics Business Development, Head of ESG, Head of Legal, and General Manager of Westlink.