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RRJ, Temasek’s Fund Invest $250 Million in Chinese Developer

RRJ Capital Ltd., run by Charles Ong, and a fund owned by his former employer, Temasek Holdings Pte, have invested $250 million in Chinese logistics warehouse developer Shanghai Yupei Group Co.

The investment follows a $200 million stake purchase by the Carlyle Group and Townsend Group in August and completes the company’s equity financing needs for the foreseeable future, Yupei said in a press release yesterday. Temasek is Singapore’s state-owned investment company.

Yupei has accelerated plans to own and operate a nationwide logistics warehouse network with more than 3.4 million square meters (36.6 million square feet) of net leasable area, according to the press release.

Founded in 2011, RRJ is run by former Goldman Sachs Group Inc. partner Richard Ong and his brother Charles, who was with Temasek for a decade. Charles was Temasek’s chief investment officer and chief executive officer of Seatown Holdings International, the fund investing in Yupei that’s owned by the city-state’s investment firm. He joined RRJ as co-CEO in 2012.

As of this month, RRJ manages two funds totaling $5.9 billion, according to the release.

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