Carlyle Buys Shanghai Office Building for $267M

Carlyle Group has acquired a Shanghai office building, Central Plaza, for $267 million from Singapore-listed real estate fund Forterra Trust, Forterra said on Wednesday. Private equity buyers are increasing their focus on commercial real estate in China, with Blackstone Group L.P. buying the 50,000-square-metre Huamin Imperial office tower and 5-star hotel complex valued at around $1.1 billion. Carlyle, a U.S.-based private equity firm with $170 billion in assets under management, acquired the building at a discount of around 8 percent to its value at the end of 2012.

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