China Life takes 95% stake in $950m US real estate portfolio


China Life, a leading Chinese mainland insurer, is now acquiring a 95 percent stake in a portfolio of US real estate valued at nearly $1 billion. The portfolio includes logistics and manufacturing centres, business parks as well as healthcare facilities across the US. China Life has agreed to provide financing to recapitalise the net lease portfolio owned by a fund managed by ElmTree Funds via establishing a joint venture with ElmTree. The joint venture is valued at $950 million in which China Life owns 95 percent and ElmTree retains the remaining 5 percent. About 60 percent of the recapitalisation will be new debt to be marketed by JP Morgan Chase. This is the third time in the recent two years that China Life eyes no-name diversifed US real estate instead of trophy deals. Read more here.

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