Ping An Real Estate’s acquisition of 50% interest in a joint venture with Mitsubishi Estate and Lendlease

Ping An Real Estate, the primary real estate investment platform of Ping An Insurance Company of China Ltd, has acquired a 50% interest in a joint venture with Mitsubishi Estate and Lendlease and, subject to planning approval, the Joint Venture will look to develop one of the tallest office buildings in Sydney at Circular Quay.

Established in 2010 in Shenzhen, Ping An Real Estate is the global real estate investment and asset management platform of Ping An with AUM over US$26 billion as of 30 September 2016.

The acquisition marks the first commercial property investment made by Ping An Real Estate in Australia.

This deal will re-shape the Sydney skyline with the development of a landmark commercial office tower in one of the city’s most prominent locations.

The deal also represents the largest investment by Ping An Real Estate in Australia to date, and highlights the depth of Chinese confidence in the Australian economy and real estate sector. It also demonstrated the great willingness of Chinese companies to work with both local and foreign partners on market leading transactions in Australia.

MinterEllison is legal adviser to Ping An Real Estate on the transaction, with a team led by partner Sophie Chen (picture) from our Corporate M&A, supported by partner Wissam Abwi (Corporate M&A) and Simon Cooper (Corporate M&A). Other partners involved include David McElhone (Real Estate), Richard Crawford (Projects, Infrastructure & Construction), Leigh De Jong (Financial Institutions) with a full team of lawyers including Dimitri Kalis (Corporate M&A), Camilla Sinclair (Corporate M&A), Will Ma (Corporate M&A), Samantha Pan (Corporate M&A), Jonathan Chow (Real Estate), Shira Saks (Real Estate) and Benjamin Wu (Real Estate).

Involved fees earner: Sophie Chen – Minter Ellison; Wissam Abwi – Minter Ellison; Simon Cooper – Minter Ellison; Dimitri Kalis – Minter Ellison; Will Ma – Minter Ellison; Camilla Sinclair – Minter Ellison; Samantha Pan – Minter Ellison; David McElhone – Minter Ellison; Jonathan Chow – Minter Ellison; Benjamin Wu – Minter Ellison; Shira Saks – Minter Ellison; Leigh De Jong – Minter Ellison; Richard Crawford – Minter Ellison;

Law Firms: Minter Ellison;

Clients: Ping An Real Estate;


Author: Michael Patrini