Fosun acquires stake in Paris Realty Fund

Chinese conglomerate Fosun Property Holdings has acquired 604,473 shares of French investment firm Paris Realty Fund, representing 50.01 percent of its ownership, at a price of €75 per share ($80).

Fosun, PAREF and the four shareholders of PAREF signed an agreement. The completion of the acquisition should occur by the end of the first half of 2017.

PAREF primarily invests in corporate property in the Paris region. At Dec. 31, 2016, PAREF Group held property valued at €167 million ($177 million). In addition, the firm manages assets on behalf of third parties. Its assets under management totaled €1.3 billion ($1.4 billion) at Dec. 31, 2016.