Metropoly Holdings has mandated JPMorgan for the sale of Metcold, a Chinese cold storage warehouse operator, according to two sources familiar with the matter.
Metropoly Holdings has mandated JPMorgan for the sale of Metcold, a Chinese cold storage warehouse operator, according to two sources familiar with the matter.
Metropoly, founded by Ang Keng-lam, the ex-chairman of China World Trade Center [SHA:600007], Kerry Properties [HKG: 683] and Kerry Logistics Network [HKG:0636], has been engaged in early talks with a couple of potential bidders, the sources said.
Metcold, also known as MHL Supply Network Management, is currently being marketed at an enterprise value of USD 600m, one of the sources said.
It has yet to confirm the deal structure and timeline as the discussions are still at the preliminary stage, the same source said.
In 2021, Metcold secured an undisclosed investment from BlackRock Real Assets and pocketed USD 50m from BentallGreenOak-owned Metropolitan Real Estate to invest in its cold storage assets, as announced.
The company also received capital from Macquarie Infrastructure and Real Assets in 2018 and 2020 to develop and operate mixed-use, cold and dry storage logistics warehouses in strategic locations in tier 1 and 2 cities in mainland China, as disclosed.
Since its establishment in 2015, Metcold has been committed to providing efficient operation systems and cold chain facilities for the food industry, serving 1.4bn Chinese consumers, referring to its website.
As of June 2021, the refrigerated warehouse operator manages 15 projects in Xi'an, Shanghai, Kunshan, Jiaxing, Changzhou, Huizhou, Nantong, Haimen, Nanjing, Chengdu, Wuxi, Hainan and Kunming across mainland China.
The company has invested over CNY 6bn total on those projects, consisting of a total gross floor area (GFA) of more than 1.12m square meters (sq.m) and total cold storage capacity of about 3.1m cubic meters (cu.m), its website reads.
It is targeting to achieve a total GFA of 2.6m sq.m and a total cold storage capacity of 5.5m cu.m by next year, according to a Macquarie document.
Metropoly is a boutique asset management firm that specializes in real estate investment and development in Asia, with offices in Hong Kong, Beijing and representatives working in Japan and Seoul, according to its website.
The asset manager currently owns two hospitality projects in Japan, according to its website.
Metcold, Metropoly and JPMorgan did not respond to requests for comment.
