Asian investors acquire Beverly Hills site

Investors from Singapore and Hong Kong have announced their acquisition of a development site located in Beverly Hills for $148.3 million in a private auction from Banco Inbursa.

Hong Kong-based private equity company Joint Treasure International Ltd, which focuses on global property and represents major family investors, plans to transform 9900 Wilshire Boulevard, now an empty department store and parking garage, into a 235-unit condominium complex with restaurant and retail space.

Designed by architect Richard Meier, who is also the designer of Los Angeles’ Getty Center, the renovation plan was approved in 2008 under the former owners, UK-based developers Christian and Nicholas Candy.

The site was acquired by the Candys for $500 million in 2007, but it fell into foreclosure earlier in 2010. It was then taken back by one of the lenders Banco Inbursa, which is owned by Mexican telecommunications billionaire Carlos Slim.