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Goldman to provide $120 million pre-IPO loan to China warehouse firm

The flags of the U.S. and China hang outside of 85 Broad Street, headquarters for the investment bank Goldman Sachs in New York, October 23,
The flags of the U.S. and China hang outside of 85 Broad Street, headquarters for the investment bank Goldman Sachs in New York, October 23,

HONG KONG (Reuters) - Goldman Sachs has agreed to provide a $120 million pre-IPO loan to Shanghai-based warehouse developer e-Shang, co-founded by U.S. private equity firm Warburg Pincus , e-Shang said on Thursday.

Warburg has also raised its total investment to $200 million in the company it helped establish in 2011 with two local entrepreneurs.

Warehouse investing is on the rise in China, attracting private equity and property companies as the economy shifts to a consumption model and e-commerce drives demand for storage space.

E-Shang, which has 1 million square meters of completed and ongoing projects, intends to go public "in the next few years," the statement said.

The firm provides warehousing and logistics services across Shanghai, Beijing and Guangzhou, as well as in second-tier cities.

(Reporting by Stephen Aldred; Editing by Matt Driskill)

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