Link Real Estate Investment Trust (SEHK:823) entered into an agreement to acquire Beijing Jingtong Roosevelt Plaza from Asia Dragon Fund II, a fund managed by ARA Asset Management Limited for CNY 2.6 billion on November 26, 2018. As part of consideration for the property and its existing loan, Link Real Estate Investment Trust (Link REIT) agreed to a payment of CNY 2.56 billion with adjustment of CNY 769 million on the net liabilities value on the property. As part of deposit to the escrow accounts, Link REIT deposited CNY 179 million to be adjusted on the total consideration in five business days, while on closing, a sum of CNY 78 million will be settles under the bulletin 7 tax code along with remaining amount of CNY 1.5 billion. The Roosevelt Plaza is under a mortgage of CNY 855 million (initial principal amount) with certain lenders by the seller (Existing Facility), Link REIT is expected to replace the Existing Facility with a new facility (New Facility) being a fixed CNY 745 million loan. The remaining amount of mortgage principal and interest of CNY 769 million will be continued by Link REIT as mortgage with funding from above mentioned New Facility. Beijing Jingtong Roosevelt Plaza generated revenue of CNY 117.58 million while net loss after tax of CNY 54.17 million for the year ended December 31, 2017. As at December 31, 2017, it recorded net assets of CNY 719.36 million (CNY 769 million is estimated as of transaction signing). The transaction is subject to customary conditions including the execution of New Facility and is scheduled to be completed on January 23, 2019. The Hongkong and Shanghai Banking Corporation acted as the escrow agent in the transaction. Wang David S. and Guan Paul of Paul Hastings acted as legal advisors to ARA Asset Management. Ernst & Young provided financial due diligence to Link Asset Management. Link Real Estate Investment Trust (SEHK:823) completed the acquisition of Beijing Jingtong Roosevelt Plaza from Asia Dragon Fund II, a fund managed by ARA Asset Management Limited on January 23, 2019. As per the terms, Link Real Estate Investment Trust will be permitted to directly employ not more than 10 employees for the permitted business and Beijing Jingtong Roosevelt Plaza will be permitted to directly employ (or continue to employ) not more than 70 employees for the core functions. All conditions precedent to the transaction has been fulfilled.