First-time fund shapes new way of raising capital for real estate investments
Hong Kong (March 25, 2011) Paul, Hastings, Janofsky & Walker, a leading global law firm, announced today that it has advised Tan-Eu Capital (Tan-Eu Capital), a company which manages funds and joint ventures in partnership with the most prestigious and reputable local partners in Asia, as co-sponsor in the closing of Sotan China Real Estate I, LP (the Partnership), a real estate private equity vehicle. Tan-Eu Capital co-sponsored the Partnership with Shui On Construction and Materials (SOCAM).
The Partnership is comprised of a club of prestigious European institutional investors with a joint venture between an affiliate of SOCAM and an affiliate of Tan-Eu Capital acting as the general partner. The Partnership will co-invest with SOCAM on transactions, resulting in equity available for investment of approximately US$400 million.
The funds from the Partnership and SOCAM will be used to co-invest in special situation real estate projects in select second-tier cities throughout China. Tan-Eu Capital will act as the fund manager whilst an affiliate of SOCAM will act as the asset manager.
The Paul Hastings team was led by Hong Kong partners John Cahill
, Derek Roth
and Vivian Lam
, London partner Jonathan Shenkman
, New York associate Lisa Chaney
and Hong Kong associate Frances Feng
Paul, Hastings, Janofsky & Walker LLP is a leading global law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.