Bain Capital Credit commits US$300m to Chinese developer

US-headquartered Bain Capital Credit has committed US$300m to Chinese developer D&J China to fund its expansion into top-tier cities around the country.

Shanghai-based D&J China develops, owns and operates office/innovation and manufacturing parks, and has built a sizeable portfolio, primarily in Beijing, Shanghai and Shenzhen.

Shanghai Jinchuang Park
Shanghai Jinchuang Park, one of D&J China’s business parks (image: Bain Capital Credit)

The developer, which was co-founded by Warburg Pincus in 2014, has become a leading player in the office/innovation park sector, the lender said in an announcement

It has focused on real estate for ‘New Economy’ sectors, adding biotechnology and internet-related tenants to its roll, including AMD, Broadcom, Illumina, Johnson & Johnson, Sartorius and WeWork.

“The transaction exemplifies our ability to structure flexible capital solutions to meet the financing needs of Chinese corporates as they seek to expand and grow their businesses,” said Barnaby Lyons, managing director and head of Asia at Bain Capital Credit.

“With this partnership, we look forward to building D&J China into a best-in-class integrated properties and services provider in China,” noted D&J China CEO Dongping Sun.

IN 2017, Bain Capital Credit agreed to buy a portfolio of non-performing loans worth $200 million in principal from a Chinese asset management company. 

The portfolio of real estate-related loans included debt connected to commercial retail assets, hotels and industrial assets, was Bain’s first purchase in China, according to Reuters. 

Bain Capital Credit, which is a subsidiary of US-based Bain Capital, is a debt specialist with US$41bn in assets under management.

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