Warburg Pincus LLC bought a stake in Creater and formed an acquisition joint venture with the urban renewal operator, DealStreetAsia reported, citing a company statement.

The transaction has a total equity commitment of up to US$300 million, the report noted.

Warburg said the joint venture will target urban renewal asset acquisitions in first-tier cities in China and aims to have US$2 billion of assets under management by 2021.

According to the statement, Creater handles 26 real estate projects in Shanghai. It turns old and underused buildings into modern office, retail and exhibition centers.