Warburg Pincus Injects Another USD183 Million Into Chinese Developer Nova Property
(Yicai Global) Sept. 4 -- Warburg Pincus LLC, a leading global private equity investor, will inject USD183 million into Chinese real estate developer Nova Property Investment Co., it said on Sept. 4. Nova's management team will also up its investment.>
Th the second time Warburg Pinuc has invested in Nova, after pumping USD170 million into the firm in 2015.
Nova China's leading rental apartment and business asset management company. It was founded by Warburg Pincus and Chinese entrepreneur Wang Qian in 2015. It manages assets worth CNY5 billion (USD735 million), including 32 projects being run and planned in Shanghai.
"Nova has set up a complete industrial chain within two years thanks to investments, acquitions, development and renovation in the stock property sector and management of rental apartments," said Wang. "With the additional investment from Warburg Pincus, Nova will further increase its assets and expand."
"We're very pleased to see Nova's rapid development and excellent performance over the past two years," said Joseph Gagnon, managing director of the investment firm. "We believe, with China's growing demand for better services, high quality service apartments and creative office space, Nova will have a greater growth potential based on its current solid foundation. We will continue to dynamically offer support to Nova and its partners and cement its leading position in the industry."
Warburg Pincus has invested USD3 billion in more than 20 Chinese property firms to date.