HONG KONG (Reuters) – A group of investors led by private equity firm PAG on Saturday announced an $8.3 billion investment in a 60% stake in Chinese property giant Dalian Wanda’s shopping centre.
Dalian Wanda will retain a 40% stake in Newland Commercial Management, the holding company of Zhuhai Wanda Commercial Management Group Co., the statement said.
CITIC Capital, Abu Dhabi Investment Authority, Mubadala Investment Company and Ares Management (NYSE:) Corporation also acted as joint investors in the transaction.
“We like the competitive and first-mover advantage that Newland has created and believe these advantages will enable it to generate stable and growing cash flow for investors,” said David Wong, partner and co-head of private equity at PAG.
Newland operates 496 major shopping centers across China, the statement said.
Last December, PAG and Dalian Wanda Commercial Management Group jointly announced the signing of an investment agreement to restructure Zhuhai Wanda Commercial Management Group. The agreement signed on Saturday implements this agreement, it said.