ADIA steps up global property investment
Abu Dhabi’s sovereign wealth fund, the US$773 billion Abu Dhabi Investment Authority, made a number of high-priced global real estate acquisitions and investments in the first months of 2015.
Recently, ADIA agreed to buy a 50 percent stake in three Hong Kong hotels valued at HK$18.5 billion (US$2.4 billion) and owned by New World Development Co. New World Development, owned by billionaire Cheng Yu-tung, told Reuters it has teamed up with ADIA to form a 50-50 joint venture to pursue acquisition in the hospitality industry instead of taking its hotel properties public.
The joint venture will own Grand Hyatt Hong Kong, Renaissance Harbour View and Hyatt Regency TST. Two of the hotels are located in Wan Chai, and the third is in the shopping district of Tsim Sha Tsui.
The closing of the transaction is subject to a number of customary condit