Foreign Property News | Posted by Aye Myat Thu
Chinese billionaire Wang Jianlin has added a new chapter to the unwinding of his plans for a global real estate empire as reports last week confirmed that his Dalian Wanda Group had sold a prime Los Angeles site that was one of its last remaining overseas properties.
Wanda has agreed to sell the eight acre (32,375 square metre) One Beverly Hills site along Wilshire Boulevard to a venture between Beverly Hills-based Alagem Capital and London real estate firm Cain International for a reported $420 million, according to a report by Esther Fung in the Wall Street Journal, citing market sources and Cain International’s CEO.
The sale of the project in the posh Los Angeles suburb, which is expected to close this month, had been anticipated for at least a year, and comes more than four years after Beijing-based Wanda purchased the Los Angeles project for $420 million, with plans what it said was a $1.2 billion hotel and retail development.
Alagem Capital, headed by hotel mogul Beny Alagem, and Cain International already own the Waldorf Astoria Beverly Hills and the Beverly Hilton, which are next to the Wanda site.
Wanda’s exit gives the Alagem-Cain joint venture ownership of a contiguous 17 acre site within the coveted 90210 zip code, according to the WSJ account.
Ref: Property Report
