Proprium and Its Co-investor Form a US$500 Million Joint Venture with China SCE Group and FUNLIVE to Invest in Rental Apartment Projects in China
April 01, 2020
Hong Kong & Shanghai - Paul Hastings LLP, a leading global law firm, announced today that the firm jointly represented Proprium Capital Partners (“Proprium”) and its co-investor, a middle eastern sovereign wealth fund, in the formation of a US$500 million joint venture (the “Venture”) with China SCE Group Holdings Limited (Stock Code: 1966.HK) and FUNLIVE Holdings Limited to invest in high quality rental apartment projects in gateway cities in China. The Venture has committed to an initial equity of US$230 million. The transaction is expected to close in the second quarter of 2020, subject to customary conditions.
Proprium Capital Partners is a privately-held real estate focused principal investing firm, advising funds which have a combined net asset value of approximately US$2 billion. Proprium and its affiliates manage funds for over 50 institutional investors, including government and private sector pension and retirement funds, banks, family offices and sovereign wealth funds. Proprium’s investment philosophy is to partner with leading local real estate companies seeking to create long-term, sustainable growth. With offices in the New York area, London, the Netherlands, Mumbai, Hong Kong, Sydney and Atlanta, the Proprium team has managed investments in over 15 countries.
China SCE Group, listed on the HKEX, is an integrated urban services provider focusing on real estate development and related industries in China. FUNLIVE is the term rental apartment platform of China SCE Group which is committed to redefining "living" with outstanding design and warm service by providing a high standard living environment for a new generation of tenants in China who are healthy, smart, sociable, and insightful about quality.
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 Real Estate partner Paul Guan in Hong Kong and Real Estate of counsel Elyn He in Shanghai, with support from associate Eugenie Hui in Hong Kong and China associate Janet Yuan in Beijing.
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.