According to a report from Bloomberg News, Blackstone Group Inc is closing in on a deal to acquire office developer Soho China Ltd in what could be its biggest real estate investment in China.
Hong Kong-listed Soho China could be valued at around $3 billion. The potential deal could be formally announced as early as later this week.
While Blackstone declined comment, Soho China did not immediately respond to requests for comments.
The report comes in the wake of Soho China’s shares being halted for trading at the company’s request, pending an announcement under Hong Kong’s code on takeovers and mergers.
Founded in 1995 by Pan and Zhang, the husband-wife team of Chairman Pan Shiyi and Chief Executive Officer Zhang Xin hold 64% share of the company. Soho China went public in Hong Kong in 2007. It is well-known for its futuristic office buildings in the mainland.
It has been scouting buyers for its prime commercial property assets as the founders looked to shift their focus to overseas markets.
($1 = 7.7612 Hong Kong dollars)