Equity Office close to acquiring China’s Yida Group

The US property developer acquired by Blackstone in February is set to buy the largest acquirer of software parks in China, according to the Chinese company’s chairman.

Equity Office Properties, which was acquired by The Blackstone Group in February for $39 billion (€28 billion), is close to buying Yida Group, an IT park developer in Northeast China, Yida’s chairman told a Chinese newspaper Friday.

“We have been in talks with Equity Office for a year and expect to seal the details of the deal on September 17, including price and share structure,” Sun Yinhuan, chairman of the Yida Group, told China Daily.

Sun, who did not reveal the size of the deal, said that once the deal is concluded the company may consider launching a real estate investment trust for Yida’s software park.

Blackstone was unavailable for comment.

Yida Group, a privately held company with more than 30 separate enterprises under its umbrella, started building software parks in 1998. Its major project at the moment is the Dalian Software Park, a 3-million-square-meter complex with notable IT tenants such as Dell and Accenture. The company, which is based in Dalian, is also expanding into other Chinese cities around the nation, Yinhuan said.

Chinese media reported earlier this summer that Equity Office had visited Shanghai looking for opportunities in that city.