The Carlyle Group has bought two residential towers in Macau, according to a statement from the deal’s broker. Carlyle did not disclose the value of the deal, however the South China Morning Post reported it was worth about $250 million (€161 million).
The properties are two of five 35-storey towers in the “Lot KL” project. Carlyle's head of Asia property, Jason Lee, said in a statement that the firm will next enlist an international interior designer to refine and enhance the layout and finishes of the residential units, as well as the clubhouse and other common facilities.
A former Portuguese colony, Macau was turned over to China in 1999 but still exists as a separate autonomous region within China. It is the only part of China where gambling is legal, and is currently seeing a construction boom as developers race to turn it into the ‘Las Vegas of the East.’