Partners Group acquires Beijing’s Dinghao Plaza for $1.34b

National Stadium in Beijing, China. Photo: Hong Jiang/Unsplash

Swiss private equity firm Partners Group announced that it has teamed up with a consortium of investors to acquire a majority stake in Dinghao Plaza, a large mixed-use office and retail complex in Beijing, for $1.34 billion.

According to a statement, the PE firm has partnered with a consortium that includes Ascent Real Estate Investors, Sigma Delta Partners Investment, and the Family Office Company in acquiring the mixed-use complex in Beijing’s Zhongguancun area, known as the Silicon Valley of China, from Taiwanese developer Sino Horizon Holdings Ltd.

Built in 2003, Dinghao Plaza currently contains a large retail podium and two office towers. It comprises a 176,976-square-meter mixed-use building complex with direct underground access to the ZGC metro station.

“Dinghao Plaza is ideally located in ZGC, Beijing’s vibrant tech and media area, where demand for large, contiguous, and premium office space is high and supported by the strong growth of China’s technological sector,” said Partners Group managing director for Private Real Estate Asia Rahul Ghai.

He added that the consortium plans to reposition under-used retail space into office use and refurbish the existing office space across the two towers to grade-A standard. The multi-year value creation program will transform Dinghao Plaza into a core real estate asset, Ghai said.

“The acquisition of Dinghao Plaza is a great fit with our longstanding ‘buy, fix and sell’ strategy, whereby we seek out properties in prime locations that can benefit from repositioning with sufficient time and capital,” he said.

The acquisition comes after Partners Group was reported in October to be planning to raise as much as $5.8 billion for its fourth buyout fund. According to sources quoted by Bloomberg the firm plans to start raising the new fund – Partners Group Direct Equity 2019 – as early as this year.

Partners Group has $83 billion in assets under management and more than 1,200 professionals across 19 offices worldwide. Based in Switzerland, the firm has invested $15 billion in private real estate and acquired more than 200 property developments globally, according to its website.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.