Blackstone buys Shanghai luxury property
The Blackstone Group is under contract to purchase a mixed-use property in Shanghai for approximately US$815 million. The sellers are Paris-based L Real Estate and Shanghai Hua Tian Real Estate Development Co.
L Real Estate and its partner jointly developed L’Avenue Shanghai, which is located in the heart of the Changning District, one of the wealthiest residential districts of Shanghai and also one of its main CBDs. The firms acquired the site in 2007 for US$184.4 million.
The asset, completed in 2013, comprises a retail podium of 40,000 square metres of net leasable area, with four levels above-grade and two levels below-grade, topped by a grade A office tower.
The project, designed by renowned architect Jun Aoki, has been nicknamed locally “The Boot“ and has become a landmark of the Shanghai skyline as well as a home to luxury brands, including Louis Vuitton, Dior, Fendi, Bulgari, C