Blackstone buys big in China
Blackstone is under offer to buy a 1.1m sq ft mixed-use complex in Shanghai for RMB 5.3bn (£550m).
The US private equity giant is reported to have agreed a deal for L’Avenue in the Gubei area of Shanghai’s Changning district with a joint venture fronted by Macau casino magnate Stanley Ho.
The deal is expected to herald a wave of private equity investment in China’s ailing commercial property market.
Tycoon buys Apple office
The family office of a Chinese real estate developer has bought Apple’s Silicon Valley Office for $60m (£39m).
The Sunnyvale office project at 500 and 501 Macara Avenue totals 96,000 sq ft and is fully let to the tech giant.
US title records say that Lane Partners sold the development to a limited liability company controlled by the family office of a Chinese real estate developer.
Cornerstone eyes Euro offices
Cornerstone Real Estate Advisers is to open new offices in France, Italy and Spain in a bid to expand its European platform.
The Mass Mutual-backed firm has hired Valera Falcone from Carlyle to head the Italian business and is expected to announce further appointments soon amid plans to raise pan-European funds.
Union buys Dublin office blocks
Union Investment Real Estate has acquired 4 and 5 Grand Canal Square in Dublin for €230m (£162m).
The two fully let office buildings were bought from Chartered Land in conjunction with Nama and total 250,000 sq ft.
Powerhouse plugs into REITs
Powerhouse Habitat, which owns more than 7,000 homes in France, is to convert into the French version of a real estate investment trust.
Similar moves by German and Dutch landlords are prompting analysts to predict the rise of a publicly listed rental sector in Europe like that in the US.
