Partners Group has led a consortium to buy a majority equity stake in Dinghao Plaza in Beijing in a $1.34bn (€1.19bn) deal.

The €73bn Swiss multi-asset manager has partnered with a consortium including Ascent Real Estate Investors, Sigma Delta Partners Investment and the Family Office Company to buy the 176,976sqm mixed-use office and retail complex on behalf of its clients.

Constructed in 2003, the Dinghao Plaza currently contains a large retail podium and two office towers.

Rahul Ghai, managing director, private real estate Asia, Partners Group, said Dinghao Plaza is ideally located in ZGC, Beijing’s tech and media area, where demand for large and premium office space is high and supported by the strong growth of China’s technological sector.

“The acquisition of Dinghao Plaza is a great fit with our longstanding ‘buy, fix and sell’ strategy, whereby we seek out properties in prime locations that can benefit from repositioning with sufficient time and capital.

“Together with our consortium partners, we plan to undertake a multi-year value creation program which will transform Dinghao Plaza into a core real estate asset.”