(Yicai Global) Nov. 8 -- US investment giant Blackstone Group will acquire warehouse assets in the Greater Bay Area, which covers 53,000 square kilometers and comprises nine cities in Guangdong province plus Hong Kong and Macao, to hike its investment in China's logistics real estate sector.

DragonCor, a portfolio company owned and managed by Blackstone Real Estate funds, will buy 280,000 square meters of high-quality modern warehouses in the Greater Bay Area, the Shanghai-based firm said on its official WeChat account yesterday, without disclosing the transaction amount.

Founded in 2017, DragonCor manages over 40 logistics parks in China, covering a leasing area of 5 million sqm. It bought outright Guangzhou International Airport R&F Integrated Logistics Park, the largest logistics park in the GBA, for CNY5.7 billion (USD786 million) last year.

"We continue to see compelling opportunities to do business in China, where we have been active investors over the last 16 years," said Justin Wai, head of Blackstone’s real estate business in China. "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 also announced yesterday it recently expanded its management team, bringing in talents experienced in business expansion, environmental, social, and corporate governance, and legal affairs.

Blackstone focuses on investing in China's first-tier cities and aims to develop in cities around Shanghai and the GBA, Justin Wai said in a previous interview with Yicai Global.

Editors: Dou Shicong, Futura Costaglione