U.K. developer Chelsfield has teamed up with a group of Hong Kong and Malaysian investors to purchase a set of four office buildings in Shanghai for a consideration of RMB 1.5 billion ($210 million), according to an announcement to the Malaysian stock exchange this week.
The seller of the Lifehub@Daning project, which totals 37,548 square meters (404,163 square feet), is a 50-50 joint venture between Hong Kong–listed developer Sino-Ocean Land and a fund managed by the state-run group’s private equity unit Sino-Ocean Capital, Mingtiandi has learned.
The venture consists of Pamfleet Shanghai Real Estate Fund II, Malaysian developer Amcorp Properties Berhad and KHI Overseas Ltd and JRN Holdings Ltd, a pair of companies controlled by the family of Hong Kong billionaire Adrian Fu.
The Pamfleet fund will take a 50 percent equity interest in the joint venture. Amcorp acquired a 40 percent stake in the joint venture for $23 million, while Chelsfield acquired a 30 pe
