Chinese Investor JV'ing With LaSalle Investment On AMA Plaza Acquisition
We now know who is partnering with LaSalle Investment Management in its acquisition of AMA Plaza. China Investment Corp (CIC), China's sovereign wealth fund, is JV'ing with LaSalle in the purchase, which is believed to be a $547M deal.
CIC's skin in the AMA Plaza play could signal further investment in American real estate. AMA Plaza is CIC's second US real estate play since 2010, when it acquired (and later sold) New York City's 650 Madison Ave.
CIC recently formed a separate department headed by Zhi Wei Cai, dedicated to seeking out secure investment opportunities in real estate, and allocated 10% of its $740B fund to finding prime investments around the globe.
In addition to the AMA Plaza acquisition, CIC purchased Investa Property Trust, a nine-building Australian office portfolio from Morgan Stanley Real Estate Investing for $1.8B, and 10 shopping centers in France and Belgium for $1.44B.
CIC isn't the only Chinese investor with eyes on Chicago. Chongqing Casin Enterprise Group announced its intentions to buy the Chicago Stock Exchange in February.