Standard Chartered Private Equity has led a $124 million investment to acquire a 28 percent equity stake in a mixed-use commercial development project sponsored by Longfor Properties. Of the total investment amount, $69.4 million was invested by SCPE and the remainder by a large Chinese institutional investor and an Asian family group.
Standard Chartered Private Equity (“SCPE”) recently led a USD124 million investment to acquire a 28 percent equity stake in a mixed-use commercial development project (the “Project”) sponsored by Longfor Properties. Of the total investment amount, USD69.4 million was invested by SCPE and the remainder by a large Chinese institutional investor and a leading Asian family group. Located in one of the main business centres of Chongqing, one of the largest municipalities in Western China, the Project comprises 312,310 square meters (sqm) in gross floor area of SOHO units, office, and supporting retail.
Longfor Properties is one of the market leading real estate developers with a long and successful track record in China. Established in 1993 and listed on the Hong Kong Stock Exchange since 2009 with a market capitalisation of over USD7 billion, Longfor has an existing land bank of over 41 million sqm and has successfully established strong presence in Western China, the Pan Bohai Rim and the Yangtze River Delta, with a growing presence in Southern and Central China.
Joe Stevens, Global Head of Principal Finance, Standard Chartered Bank, said, “We are honoured to have led this co-investment project with Longfor, a long-term client of Standard Chartered Bank. This investment reinforces our strategy of investing with high quality partners who have solid reputation and strong execution capabilities in China and elsewhere in Asia, Africa and the Middle East. We look forward to adding value at each strategic stage of the Project together with the local team.”
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About Standard Chartered Private Equity
Standard Chartered Private Equity (“SCPE”) is the private equity arm of Standard Chartered Bank. SCPE invests in companies in need of expansion capital or acquisition finance, and in management buy-outs. SCPE focuses on companies whose principal operations and management are located in Asia, Africa or the Middle East. It is an active partner that provides board-level strategic advice and access to the international network of Standard Chartered Bank, and has since invested more than USD5billion in over 100 companies across the bank’s footprint.