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Report: Hopson sells Beijing building to AEW-Hony Capital JV for 4.5B yuan

Hopson Development Holdings Ltd. sold an office building in Beijing to an 85/15 joint venture between real estate investment manager AEW and private equity investor Hony Capital under a 4.5 billion yuan agreement, Mingtiandi reported, citing sources familiar with the transaction.

The Hong Kong-listed real estate company is divesting the 53,119-square-meter property within the Beijing Oriental Culture and Art Center of the city's Dongcheng district through its Hopson Development International Ltd. subsidiary.

The deal involves the roughly 1.95 billion-yuan transfer to Treasure Abundance Ltd. of Hopson Development International's entire shareholding in Favor Easy Ltd. and Favor Mega Ltd., which indirectly co-own the building through the Beijing Dongfangwenhua International Properties Co. Ltd. project company.

Hopson Development is expecting to net nearly HK$2.08 billion from the transaction. In a Nov. 30 filing, it said it will use the anticipated proceeds for future investments and/or working capital of the group.

The agreement brokered by Cushman & Wakefield will mark AEW's first purchase in the city for its third Asia-Pacific value-added fund, the Dec. 14 report added.

As of Dec. 14, US$1 was equivalent to 6.91 yuan.