Singapore-listed Chinese developer CentraLand (CTLL.SI) said on Thursday that private equity firm Warburg Pincus (WP.UL) will invest 650 million yuan ($127.7 million) in two of its projects.

Warburg Pincus will invest the money in exchange for 31.71% of a joint venture whose assets are two specialty wholesale malls currently under development.

 

The private equity firm, which already has investments in Chinese retail properties, has an option to invest another 650 million yuan in the joint venture subject to certain conditions.

 

“We look forward to the opportunities to work with the Warburg Pincus team to harness the synergies in both our portfolios, in particular in the growing segment of wholesale trading hubs,” CentraLand CEO Yan Tao said in a statement.

 

CentraLand is based in Zhengzhou City, the capital of Henan Province in central China.