- Acquired from Carlos Slim’s Bank Inbursa Following Candy & Candy Default -

One of the highest profile real estate properties in the U.S. – 9900 Wilshire Boulevard in Beverly Hills – has been acquired by Hong Kong and Singapore investors for US$148.3 million. The investors plan to create a landmark development on the eight-acre site which sits at the prominent intersection of Wilshire and Santa Monica Boulevards.

Purchased for a record breaking $500 million in 2007 by jet-setting British developers Nicholas and Christian Candy, the property fell into foreclosure early this year and was acquired by Carlos Slim’s Banco Inbursa, one of the lenders. Banco Inbursa set up a private bidding auction administered by Eastdil Secured and law firm Skadden Arps that was won by Joint Treasure International Ltd., a Hong Kong-based private equity firm specializing in global real estate that represents major family investors. Law firm Allen Matkins Leck Gamble Mallory & Natsis advised Joint Treasure in the transaction.

“This is an incomparable site that cannot be replicated and we intend to build a superb project offering world class luxury residences,” said Daniel Yiu, Senior Advisor to Joint Treasure. He noted that the investor group is familiar with the city because of its investment in The Beverly Wilshire Hotel in 1995 still under ownership. “Our investor group is interested only in premier properties in premier locations,” he emphasized.

In this transaction, Joint Treasure was acting on behalf of three of its consortium partners: Chow Tai Fook Group of Hong Kong, the holding company for publicly held New World Group, a well known company with investments ranging from transportation to hotels and department stores; Wee Cho Yaw Family Group of Singapore that invests in banks, commercial properties and hotels; and David Chiu of Far East Consortium International Limited, a commercial property and hotel developer listed on the Hong Kong Stock Exchange.

The 9900 Wilshire plan by Architect Richard Meier, who designed the world famous Getty Center in Los Angeles, was approved by the City of Beverly Hills in 2008 for 235 condominiums and 17,000 square feet of retail and restaurant space set amidst extensive gardens.