NYC investor sells interest in Chinese office building
New York City–based Warburg Pincus is under contract to sell its stake in a Chinese development site, Suzhou 2013–8, to its joint venture partner China RedStar Furniture.
The 26.15-acre development site is valued at $177 million, and the sales price was approximately $44.4 million, according to Real Capital Analytics.
Red Star Macalline Group Corp., a Chinese home-improvement mall operator backed by Warburg Pincus, raised $931 million in an initial public offering in Hong Kong in June. Warburg Pincus Asia has a 15.55 percent stake in the company.
As of the end of 2013, Red Star Macalline operated 130 stores in 90 Chinese cities, including Beijing, Changsha, Chengdu, Chongqing, Nanjing, Shanghai and Tianjin.