Shanghai & Hong Kong - Paul Hastings LLP, a leading global law firm, announced today that the firm represented ARA Asset Management in its formation of a partnership with Straits Real Estate and ICBC International for the acquisition of Sanlin InCity, a retail mall located in the Sanlin District of Pudong in Shanghai via one of its private real estate funds. The purchase price is RMB2.42 billion (US$347 million) and the transaction is expected to close in the first quarter of 2020, subject to customary conditions.
ARA Asset Management is a premier global integrated real assets fund manager. As at 30 June 2019, the gross assets managed by ARA Group and its associates is more than S$83 billion (US$61 billion) across over 100 cities in 23 countries.
Sanlin InCity is a strategically-located neighbourhood mall served by various transportation nodes. It is the only competitive mall with a strong population catchment of over 400,000 and no new supply within a three-kilometre radius is forecasted over the next three years.
Paul Hastings has a leading Greater China Real Estate practice and regularly advises international investors, developers and financial institutions on cross-border transactions, including fund formation, senior and mezzanine financings, joint ventures, and acquisition and disposition of various types of real estate.
The Paul Hastings team was led by partners David Wang, Paul Guan and Jia Yan, with support from Elyn He and Xucheng Shi.
At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.