China Life and Ping An to Serve as Co-Investors in Tishman Speyer’s Pier 4 Boston Waterfront Project

Tishman Speyer reported that China Life Insurance Company and Ping An Insurance Company of China will serve as co-investors in Tishman Speyer's prime waterfront site at Pier 4 in Boston'sSeaport District.

According to a media release, the Pier 4 project represents the first time that China Life and Ping An have made equity investments in U.S. real estate. It also is the first time they have co- invested in real estate outside of China.

China Life, through its subsidiary China Life Investment Holding Company Limited, and Ping An, through its real estate investment platform, Ping An Real Estate Company Limited, are investing alongside Tishman Speyer Real Estate Venture VIII.

Tishman Speyer, which acquired the development site in December 2014, will serve as general partner and manage the day-to-day development of the project.

"Tishman Speyer has been an active investor and developer in China for more than a decade," said Tishman Speyer Co-CEO Rob Speyer. "In that time, we have forged strong, productive relationships with both China Life and Ping An. We are really pleased that they have chosen to join us on this project."

"Tishman Speyer is inevitably one of the best partners for China Life's property investments in America. It is a good start for China Life, which will expand its real estate investing in America, and it will promote closer cooperation in our world," said China Life Investment Holding in a statement.

Ping An Real Estate said in a statement, "This is another step forward for us in developing a strong ongoing business relationship with Tishman Speyer. Ping An and Tishman Speyer have previously conducted business together in China and we are confident that they will be a very good partner for us in our first foray into the United States real estate market."

Tishman Speyer recently announced plans to build a 13-story, commercial building, primarily for office use consisting of approximately 373,000 rentable square feet; a nine-story, 100-unit luxury residential condominium building; and a three-level below- grade parking facility. Both buildings will include ground floor retail/restaurant space, and the site plan also includes a new one- acre public park. Construction is scheduled to begin in the fourth quarter of 2015, with completion of both new buildings in 2018. Tishman Speyer, which develops and operates properties to meet high sustainability standards all over the world, expects to seek LEED gold certification for the project.

Tishman Speyer is a developer, owner, operator, and asset manager of real estate worldwide.

Ping An Insurance Company of China is an integrated financial service conglomerate with three key business segments in insurance, banking, and investment.

China Life Insurance Company is a state-owned financial insurance institution

More Information:

http://www.pier4boston.com

http://www.tishmanspeyer.com

http://about.pingan.com/en/index.shtml

http://www.chinalife.com.cn/publish/yw/index.html

((Comments on this story may be sent to [email protected]))