ElmTree, China Life Partner on $950M Recap

The recap gives China Life “immediate scale and diversification in the US market,” says ElmTree’s Koman.

ST. LOUIS—Having made inroads this past fall into the US hospitality sector, China Life Insurance Group is now turning to single-tenant net lease, partnering with locally based ElmTree Funds on a $950-million recapitalization of an existing ElmTree portfolio. It’s the first joint venture between China Life and ElmTree, a private equity firm active in the net lease, sale-leaseback and build-to-suit markets.

Noting that China Life “shares our bullish outlook on the net lease sector,” ElmTree managing principal James Koman says the recap gives China Life “immediate scale and diversification in the US market. We look forward to a highly productive, long-term relationship with China Life as we explore additional opportunities to invest together.”