Dutch pension fund buys Chinese warehouse firm stake

Dutch pension fund APG Asset Management will pay up to $650 million to take a 20 percent stake in Chinese warehouse firm e-Shang and set up a joint venture to expand in China, the companies said on Thursday.

Shanghai-based e-Shang, backed by private equity firm Warburg Pincus, and APG aim to tap strong demand for warehouses as Chinese e-commerce booms.