The Abu Dhabi Investment Authority and Mubadala have joined partners PAG, CITIC Capital, and Ares Management to announce a joint investment of approximately $8.3bn for a 60 per cent stake in Newland Commercial Management, a manager of shopping malls.
Dalian Wanda Commercial Management Group holds the remaining 40 per cent.
Newland is a newly formed holding company of Zhuhai Wanda Commercial Management Group Co., Ltd., a leader in shopping mall management which currently manages 496 large-scale shopping malls across China.
Abu Dhabi invests in Chinese malls
David Wong, Partner and Co-Head of Private Equity at PAG, said: “This investment reflects the expectation and recognition of Newland’s long-term growth potential by international institutional investors.
“We like the competitive edge and first mover advantage that Newland has built and we think these advantages will allow it to generate stable and growing cash flow to investors.”
Yichen Zhang, Chairman and Chief Executive Officer of CITIC Capital, said: “CITIC Capital believes in the large potential of the business services market in China. As a frontrunner in the industry, Newland has significant competitive advantages and growth prospect. We are confident that this investment will provide Newland with lasting stability and support, facilitating the company’s robust and rapid growth, and drive further value creation.”
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