(Asian Tech Press) The U.S. investment management firm Blackstone Group (NYSE: BX) will acquire SOHO China Ltd (410: Hong Kong), a Chinese building developer, for a total of US$3.05 billion at HK$5 per share.

On June 16, SOHO China announced on its WeChat official account platform that Blackstone had made a general offer to acquire a controlling stake in SOHO China.

Upon completion of the transaction, SOHO China's existing controlling shareholders will retain a 9% stake and it will continue to be listed on the Hong Kong Stock Exchange.

Blackstone is reportedly one of the global real estate investment management companies and has invested in office buildings, shopping malls, and logistics assets in China since 2008.

SOHO China was founded in 1995 and now holds and manages 1.3 million square meters of commercial properties.

For this transaction, Blackstone is bullish on SOHO China's commercial property holdings and its management team in Beijing and Shanghai.

According to the announcement, upon completion of the offer, Blackstone plans to maintain the company's existing main business and management team.