Soho China in talks to buy Manhattan tower stake

Soho China in talks to buy Manhattan tower stake

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Developer Soho China (0410.HKG) is leading a group in talks to buy a 40% stake in the General Motors (GM.NYSE) tower in Manhattan, The Wall Street Journal reported. The price under negotation would value the building at roughly US$3.4 billion including debt, said real-estate executives with knowledge of the talks, ranking this as the most valuable tower in the US. The potential deal would be one of the largest purchases of a single US property by a Chinese investor. A group of Middle Eastern sovereign-wealth funds currently own the stake; Boston Properties (BXP.NYSE) will continue to control the remaining 60%.