BlackRock Real Assets is investing in a portfolio of cold storage facilities in China on behalf of the funds that it manages.
The assets, consisting of 15 cold chain infrastructure facilities with a total investment of over RMB6bn (β¬769m), are held in the Metcold Opportunity Funds I and II funds.
The agreement with BlackRock Real Assets will provide support for development of Metcold Opportunity Funds I and II.
Metcold said five of its facilities in various Chinese cities were now in operation. The company expects two more facilities to begin operations in the second quarter of this year.
βSerge Lauper, BlackRockβs global head of infrastructure solutions, said the investment represented an opportunity to participate in what he called βa uniquely attractive and resilient themeβ tied to the modernisation of Chinaβs food logistics chain, improved food safety and reduced food wastage.
Michael Dennis, BlackRockβs head of alternatives strategy and capital markets in Asia-Pacific, said: βThis investment adds to the continued growth of BlackRockβs alternatives footprint in the region, capitalising sound private market opportunities through our proprietary local sourcing network.β
βWe are very grateful for the recognition from BlackRock,β said Metcold CEO Henry Ha.βWith the support of this top institutional investor, Metcold will continue to improve food safety and quality for Chinaβs consumers by delivering world-class cold chain infrastructure facilities.β
In 2018, Macquarie Infrastructure and Real Assets became a major investor and shareholder of Metcoldβs platform.
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