A group of financiers led by personal equity company PAG revealed a financial investment of $8.3 billion for a 60% stake in Chinese home giant DalianWanda‘s shopping center system.
Dalian Wanda will keep 40% in Newland Commercial Management, the holding business of Zhuhai Wanda Commercial Management Group Co, the declaration stated.
CITIC Capital, the Abu Dhabi Investment Authority, Mubadala Investment Company and Ares Management Corporation were likewise joint financiers in the offer.
“We like the one-upmanship and very first mover benefit that Newland has actually constructed and we believe these benefits will enable it to produce steady and growing capital to financiers,” stated David Wong, partner and co-head of personal equity at PAG.
Newland handles 496 big shopping center throughout China, the declaration stated.
In December in 2015, PAG and DalianWandaCommercial Management Group collectively revealed the finalizing of a financial investment structure to reorganize ZhuhaiWandaCommercial Management. The contract signed on Saturday, executes this arrangement, the declaration stated.
Reuters