KKR creates second Chinese real estate partnership
KKR has entered into a joint venture with Chinese property developer Sino-Ocean Group Holding to invest in Beijing Capital Juda, a Chinese retail outlets developer and operator, for $191 million. KKR makes its investment from its China Growth Fund. Following completion of the transaction, Sino-Ocean will own an approximate 16 percent stake in Capital Juda and KKR will own an approximate 12 percent stake in Capital Juda, in each case on a fully diluted basis. The investment marks the second collaboration between Sino-Ocean and KKR, which first established a Chinese real estate joint venture in 2011.