Ascent Real Estate Investors formed an investor consortium to purchase a mixed-used property in Beijing in an off-market transaction for approximately US$1.2 billion, including leverage, PERE News reported, citing two people with direct knowledge of the deal.

According to the report, Ascent, which was formed by a spun-out team from Carlyle Group LP, invested 2% in the transaction as the manager stake. Private equity firm Partners Group Holding AG is the majority equity investor in the consortium, alongside three other organizations, including SDP Investments.

The grade A office and retail complex in the Zhongguancun area has a total gross floor area of 1,905,212 square feet, the report noted.