(MENAFN) Yesterday, a consortium of investors led by private equity firm BAG unveiled a significant investment totaling USD8.3 billion. This substantial sum secures a commanding 60 percent stake in a prominent mall unit owned by the renowned Chinese real estate giant, Dalian Wanda. The transaction, announced via an official statement, outlines that Dalian Wanda will retain a notable 40 percent ownership in Newland Commercial Management Company, the overarching entity overseeing Zhuhai Wanda Commercial Management Group.
Participating alongside BAG in this transformative deal are several prominent entities including CITIC Capital, the Abu Dhabi Investment Authority (ADIA), the Mubadala Investment Company, and the Ares Management Company. The statement elaborated on the vast scope of Newland's operations, highlighting its management of 496 expansive shopping centers spread across China. This move follows a strategic framework established in December of the previous year, when BAG and Dalian Wanda jointly announced intentions to restructure Zhuhai Wanda.
The latest agreement, signed yesterday, marks a significant step forward in implementing the outlined investment framework. It underscores a collective commitment from the consortium to fortify and expand the footprint of Zhuhai Wanda within China's dynamic commercial landscape.
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