New York-based private equity firm The Carlyle Group has purchased a large Shanghai office building in a deal valued at $267 million.
The firm has purchased Central Plaza from Singapore-listed real estate fund Forterra Trust. According to a filing by Forterra, the deal was struck at a discount of about 8 percent to its value at the end of last year.
Central Plaza is a 19-storey office tower based in Shanghai’s central business district. It is completely occupied.
It was not disclosed which Carlyle investment vehicle was used to buy the property.
The firm raised its second Asia-focused private equity real estate fund , Carlyle Asia Real Estate Partners II, in 2009. It had hoped to raise $1 billion for the vehicle but owing to dire capital raising markets at the time, Carlyle had to settle for $486 million.
The firm declined to comment.