May 16, 2018 / 6:12 AM / in a year

Beijing Properties' unit plans to sell properties interest to ESR Cayman

HONG KONG, May 16 (Reuters) - Beijing Properties said on Wednesday its logistics subsidiary plans to sell its equity interests in properties worth about 6.42 billion yuan ($1.01 billion) to an offshore fund that will be set up with Warburg Pincus-backed ESR Cayman.

The subsidiary, China Logistics Infrastructures, which is 65 percent owned by Beijing Properties, signed the Letter of Intent with logistics real estate developer ESR Cayman on Wednesday.

The capital investment to be made by each partner to the fund and the deal consideration have not been finalised as yet.

“The proposed transactions represent a good opportunity for the group to realize its investment in its logistics property business at a fair and reasonable price,” Beijing Properties said in a statement.

The decision comes a day after ESR Cayman, said it received an investment worth $306 million from Chinese online retailer Inc. The developer said the two companies would cooperate in areas such as property development and fund management.

$1 = 6.3666 Chinese yuan Reporting by Clare Jim; Editing by Sherry Jacob-Phillips

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below