Blackstone Group LP, the world’s biggest manager of alternative assets including private equity and real estate, agreed to buy a 40 percent stake in Chinese shopping mall developer and operator SCP Co.
The purchase, the price of which wasn’t disclosed, is the New York-based company’s largest mall investment in Asia to date, said Chris Heady, head of Blackstone’s regional real estate business. Blackstone is investing about $400 million in SCP, according to a person with knowledge of the matter, who asked not to be identified because the information is private. Charlotte Bilney at Citigate Dewe Rogerson, a public relations firm that is representing Blackstone, declined to comment on the figure.
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