China Vanke is seeking to buy Central Plaza in Shanghai from private equity firm Carlyle Group for around 2.46 billion yuan ($368.94 million), Basis Point reported on Friday, quoting sources.
Vanke, the residential property developer at the center of a high-profile power struggle, is planning to buy through its wholly owned private equity arm V Capital, with a $194 million loan facility, sources told Basis Point.
China’s top homebuilder will eventually hold only a 10% interest in the property after selling 90% to a third party, it said.
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Vanke did not respond to an email seeking comment, while Carlyle declined to comment.
Central Plaza is a grade-A office tower in Shanghai’s central business district Huangpu, opposite to the city’s landmark Shanghai Grand Theatre.
Carlyle bought the building from Singapore-listed real estate fund Forterra Trust for $267 million in April 2013.
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Meanwhile, Vanke is trying to fend off a hostile takeover by financial conglomerate Baoneng Group with a $6.9 billion deal with white knight Shenzhen Metro. However, the deal was opposed by major shareholders as it will dilute their shareholding.