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Blackstone Drops US$3.05 Bn Offer for Soho China

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Blackstone Drops US$3.05 Bn Offer for Soho China

#Macro Economics#M&A#Real Estate#Entrepreneur#Capital Markets

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executive summary

Blackstone announced that its $3 billion buyouts of developer Soho China had been canceled after failing to win approval from mainland authorities.

In a joint statement with the developer-controlled by Pan Shiyi 潘石屹 and Zhang Xin 张欣 , the two parties said they would not extend the schedule for Blackstone to purchase at least 54.93% of Soho’s Hong Kong-listed stock, noting that China’s State Administration for Market Regulation (SAMR)国家市场监督管理总局 had not yet approved the transaction.

HONG KONG, JUNE 16, 2021 – Blackstone (NYSE: BX) today announced that funds managed by Blackstone Real Estate will, make a general offer to acquire a controlling stake in SOHO China.

Founded in 1995, SOHO China owns and operates an iconic portfolio of commercial properties in China totaling 1.3 million square meters. The existing controlling shareholders will retain a 9% stake upon the completion of the transaction and SOHO China will remain listed on the Hong Kong Stock Exchange.

This transaction reinforces Blackstone’s commitment to investing in China, where the firm has been an active investor in real estate for over a decade.

China is a key market for our Asia business where we’ve built a diverse real estate portfolio across office, retail, logistics, and residential. We’re confident in China’s long-term potential and economic recovery, which is well underway particularly in the Beijing and Shanghai office markets. We look forward to working with the company’s founders and management in optimizing these iconic assets.

Blackstone’s key real estate investments in China include a majority stake in the largest logistics park in the Greater Bay Area; Westlink, a premium office and retail complex outside Shanghai; and the firm’s first multifamily investment in Shanghai, which was completed last year.

Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has $196 billion of investor capital under management.

Blackstone is one of the largest property owners in the world, owning and operating assets across every major geography and sector, including logistics, multifamily and single family housing, office, hospitality and retail.

Blackstone’s Core strategy invests in substantially stabilized real estate globally through regional open-ended funds focused on high-quality assets and Blackstone Real Estate Income Trust, Inc. (BREIT), a non-listed REIT that invests in U.S. income-generating assets.

Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust. 

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ˉ ˊ ˊ ˊ

黑石集团

Hēishí jítuán

Blackstone Group

对

duì

right; correct; to

ˉ ˊ

SOHO中国

SOHO zhōngguó

SOHO China (410:HK)

的

of; ’s

ˉ ˋ

收购

shōu gòu

acquisition

ˉ ˇ

终止

zhōng zhǐ

to stop; to terminate (law)

。

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