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Private Equity Firm Carlyle Buys Shanghai Office Tower

April 10
10:44 AM 2013

Private equity firm, Carlyle Group, is the new owner of Central Plaza, an office building in Shanghai, China, acquiring it for $267 million from Forterra Trust, a Singapore-listed real estate fund.

The 19-storey Central Plaza is classified as a grade A office tower as it is located in Shanghai's central business district and had an occupancy rate of 99.8 by yearend 2012.

Real estate fund Forterra Trust said proceeds from the sale of Central Plaza will finance another Shanghai office project, pay off debts and boost liquidity.

Acquiring commercial real estate in China has become a new trend among private equity firms.  Recently, the Blackstone Group LP  bought the 50,000 square meter Huamin Imperial Office tower and a 5-star hotel complex worth $1.1 billion.

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