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Blackstone offers more than $ 3 billion to developer Office Soho China

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Soho CEO Zhang Xin and Blackstone CEO Stephen Schwarzman (Wikimedia, Getty)

Soho CEO Zhang Xin and Blackstone CEO Stephen Schwarzman (Wikimedia, Getty)

Blackstone Group has made an offer to buy Beijing-based developer Soho China Ltd. for $ 3.05 billion.

If the deal goes through, that would be Blackstones’ biggest bet in the Chinese real estate market, according to Bloomberg.

Blackstone offered HK $ 5 for each Soho China share, a 31.6% premium to the latter’s last closing price before trading was suspended on Tuesday. The company is listed on the Hong Kong Stock Exchange.

Shares jumped 26% when trading resumed on Thursday. The price of Blackstones is around $ 0.64 per share.

Soho China said in March last year that it was in talks to sell to foreign investors. Blackstone was among those interested, but the pandemic has put those discussions on hold.

The office developer has come under financial pressure both from falling rents in major Chinese cities and the lack of ongoing projects.

In April, office tenants in China were the most optimistic https://therealdeal.com/2020/04/21/chinese-office-tenants-most-optimistic-in-asia-trd-insights/ on a short term recovery from the pandemic among their Asia-Pacific counterparts.

Soho China Chairman Pan Shiyi and CEO Zhang Xin have agreed to sell most of their shares, which together constitute a controlling stake, to Blackstone. They plan to retain a 9 percent stake in the company.

Blackstone is preparing to buy Soho China through its funds Blackstone Real Estate Partners Asia II and Blackstone Real Estate Partners (Offshore) XI.

[Bloomberg] Dennis lyncher

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