Richard Ellis has acquired a joint venture interest in a development project in Tianjin, China, from Hong Kong Construction (Holdings). The amount of the investment was not disclosed.
The acquisition was made from the firm’s Strategic Partners Asia II Fund. HKC and the Strategic Partners Asia II Fund will co-develop the 1.6 million-square-foot project near the Tianjin Olympic Sports Center and the Tianjin Water Park. The firm says that the 19-acre site is in an area that has historically been considered a prestigious residential area and that has strong support as part of the Eleventh Five-Year Plan of the Chinese Government.
“This investment, which is our second in Tianjin, gives us the opportunity to partner with an experienced and successful developer in an excellent location for residential development,” said Mark Karlan, president of Strategic Partners Asia II, in a statement. “Tianjin is one of the fastest growing markets in China, and the Tianjin Olympic Center Stadium is within walking distance of the site.”
CBRE currently has approximately $38 billion in assets under management. In 2007 it made $11.7 billion of acquisitions in North America, Europe and Asia and completed $4.8 billion in dispositions.