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HNA Investment to buy stake in Tishman Speyer's New York project for 1.4B yuan

HNA Investment Group Co. Ltd. agreed to acquire HNA Group Co. Ltd.'s shareholding in Tishman Speyer Properties LP's Spiral development in Manhattan, N.Y., for 1.4 billion yuan.

The transaction will involve a transfer of HNA Group's 92.86% interest in the Hengxing Juyuan investment vehicle, which holds a stake in the 306-meter tower that is expected to be completed in 2022, according to HNA Investment's Oct. 23 filing with the Shenzhen stock exchange.

The US$3.6 billion-Spiral project received a US$1.8 billion loan from Blackstone Mortgage Trust Inc., as well as backers, which reportedly include Dutch pension fund BpfBouw, according to an Oct. 24 Mingtiandi report. The project that will be home to tenants including investment manager AllianceBernstein and pharmaceutical giant Pfizer is set to have a net lettable area of 2.85 million square feet, according to the report.

As of Oct. 24, US$1 was equivalent to 7.07 Chinese yuan.