Global private equity and venture capital news and research

StanChart in $124m deal to buy quarter stake in Chinese commercial property project

10 Jul 2014

shangahi-city-scene-47346-mThe private equity arm of multinational bank Standard Chartered has led a $124m investment to buy 28 per cent stake in a Chinese commercial development project sponsored by Longfor Properties.

Standard Chartered PE committed just over half of the total investment, $69.4m, with an unnamed Chinese institutional investor laying down the rest of the cash.

The deal relates to a Longfor office space with supporting retail buildings in one of the main business centres of Chongqing in Western China.

That asset covers more than 312,000 square meters of gross floor area including small office and home office units.

Standard Chartered global head of principal finance Joe Stevens said, “This investment reinforces our strategy of investing with high quality partners who have solid reputation and strong execution capabilities in China and elsewhere in Asia, Africa and the Middle East.

“We look forward to adding value at each strategic stage of the Project together with the local team.”

Real estate investment holding company Longfor Properties was founded in 1993 and listed on the Hong Kong Stock Exchange in 2009. It has a market capitalisation of more than $7bn.

StanChart’s private equity arm announced it backed Korean equipment rental service provider AJ Networks with a $60m investment in January this year.

In May 2013 the bank teamed up with Asia-focused IL&FS Investment Managers and was reportedly targeting $600m for an infrastructure investment fund.

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