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News Nov 11, 2016

Shearman & Sterling Advises on Taikang’s $1 Billion Joint Venture With NorthStar Realty to Enter the Healthcare Real Estate Markets

Shearman & Sterling is advising Taikang Insurance Group (Taikang) on the establishment of a joint venture with New York-based NorthStar Realty Finance Corp. (NYSE: NRF) (NorthStar). Through the joint venture, Taikang will acquire approximately US$1 billion interest at a valuation of US$6.1 billion in NorthStar’s existing portfolio of healthcare assets in the United States and the United Kingdom.

Taikang is one of the leading insurance companies in China. This deal marks the largest investment made by Taikang to date in healthcare assets out of China and further reinforces the significance of Taikang entering the global healthcare real estate markets.

This landmark transaction necessitated close and seamless coordination between Taikang and our multi-jurisdictional team of lawyers in China and across the globe covering multiple disciplines including M&A, real estate, tax, government relations and intellectual property matters.

The Shearman & Sterling team is led by partners Stephanie Tang (Hong Kong-Mergers & Acquisitions), John Marzulli (New York-Mergers & Acquisitions) and Lisa Brill (New York-Real Estate), with support from associates Weina Guan (Beijing-Mergers & Acquisitions), Carlos Soto and Alan Sun (both New York-Mergers & Acquisitions).

Other team members involved in the transaction include partners Jordan Altman (New York-Intellectual Property Transactions) and Larry Crouch (Menlo Park-Tax); counsel Jason Pratt  (New York-Environmental) and Robert LaRussa (Washington, DC-Litigation); and associates JB Betker (New York-Intellectual Property Transactions), Derek Kershaw (New York-Tax), Jonathan Newman (New York-Real Estate) and Michael Virga (New York-Corporate).