Blackstone, ICBC To Buy Chinese Shopping Mall Developer SCP

Shenzhen-based Chinese shopping mall developer and operator SZITIC Commercial Property Co. Ltd (SCP) says Blackstone Group and ICBC International Holdings will acquire 40% and 6% stake of the company respectively.

The financial terms are not disclosed, but media reports say that Blackstone is paying US$400 million in the deal.

After the transaction, SCP will have a total asset value in excess of US$2 billion.

Blackstone is making the investment from Blackstone Real Estate Partners Asia fund.

Founded in 2003, SCP currently owns and manages 19 shopping malls under three brands – Incity, SCP Plaza and One City.

SCP has previously partnered with international companies such as Carlyle Group LP and Morgan Stanley.

Blackstone is the world’s biggest private equity real estate firm with US$69 billion in assets under management.

ICBC International Holdings is a Hong Kong unit of Industrial and Commercial Bank of China Ltd.