Fosun expands European real estate business with Resolution Property JV
Fosun Property and European investment firm Resolution Property today formed a JV to act as Fosun’s manager for property investments in 14 European countries.
Fosun Property, part of the Fosun Group controlled by Chinese billionaire Guo Guangchang, and European investment firm Resolution Property today formed a joint venture company to act as Fosun’s manager for property investments in 14 European countries, Fosun said in a statement today.
Resolution Property Investment Management, or RPIM, is the second asset management platform Fosun Property has invested in since it bought IDERA of Japan in May 2014. RPIM will be majority owned by Fosun Property, with the balance owned by Resolution Property’s partners. The statement didn’t say how much Fosun would invest.
RPIM, which plans to launch the Resolution Real Estate Fund V later this year, is the first property investment platform in Europe for Fosun Property, and will provide the cornerstone funding for future Resolution Property funds. RPIM will invest in large assets and portfolios in the UK and Continental European office and retail markets, the statement said.
Fosun Property previous investments in Europe include its European debut with the acquisition of the Lloyds Chambers in the City of London in 2013. In early 2014 Fosun took over Fidelidade, the largest insurance company in Portugal, and Fosun Property has helped to manage its €700 million real estate assets, Fosun’s statement noted.
Fosun aims to become a world-class investment group with the twin drivers of “insurance-oriented comprehensive financial capability” and “global industrial integration capability taking roots in China,” Guo said in the statement.
In May, Fosun Property announced its new development project on Madison Avenue in New York: a 350,000 square foot residential tower will arise in Manhattan, which is also Fosun Property’s 1st overseas luxury residential development. And at the end of April, Forte, under Fosun Property, partnered with the Australian EG Funds Management on three development projects in Australia. The completed value of the three projects will be approximately A$650 million.
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