ARA Partners with Straits Real Estate and ICBC International to Acquire Sanlin InCity in Shanghai for RMB2.42 Billion
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.
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.