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Brookfield invests in Shui On subsidiary
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Brookfield Property Partners, a global commercial real estate owner, operator and investor, has agreed to invest up to US$750 million into Shui On Land Ltd’s wholly-owned subsidiary China Xintiandi, the Shanghai-based developer said yesterday.
The agreement will see Brookfield initially invest US$500 million in China Xintiandi in the form of Convertible Perpetual Securities, which will convert automatically into China Xintiandi shares at an agreed conversion price once China Xintiandi is listed.
Once a defined use of proceeds by China Xintiandi has been identified, Brookfield will be entitled to subscription rights to invest a further US$250 million of Convertible Perpetual Securities in China Xintiandi. At the same time Shui On Land will have the option to subscribe up to US$250 million of ordinary shares in China Xintiandi, the developer said in a statement yesterday.
Shui On will use the proceeds from the investment to repay existing debt with near term maturities and also to fund existing development projects.
China Xintiandi’s initial portfolio, which includes Shanghai Xintiandi and Xintiandi Style, has a total valuation of over 26 billion yuan (US$4.3 billion).
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