China’s CITIC unit in European property play

China_CITIC_bankThe international business of China’s CITIC Securities has expanded into European real estate through a partnership with London-based Avignon Capital. CLSA, formerly known as Credit Lyonnais Securities Asia, was acquired by CITIC Securities in 2013 for $1.3 billion. Under the partnership, Avignon Capital will assist CLSA in channelling Asian and global institutional money into European property investments. “We look forward to partnering with Avignon Capital to provide our institutional clients greater access to high quality, unique European real estate investment opportunities,” said Jonathan Slone, CLSA chief executive. Avignon Capital invests in commercial real estate in the UK, Germany, the Netherlands and Spain. It had €700 million ($864 million) under management at the end of 2017. CLSA was founded in Hong Kong in 1986 as Winfull Laing & Cruickshank Securities. It was later acquired by Credit Lyonnais, a French bank. ©2018 funds globla asia

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