Paul Hastings has advised Profit Plus Global in a $1.3 billion (HK$10 billion) deal to buy all shares in SEA Holdings (BVI), which indirectly owns Dah Sing Financial Center, a Grade A commercial building located in Hong Kong’s Wanchai district. 

Profit Plus Global is a joint venture between financial services company China Everbright Ltd and its unit Everbright Real Estate. Paul Hastings corporate partner Vivian Lam oversaw the acquisition, which is expected to be completed in May 2016.

The 39-storey Dah Sing property has a gross floor area of approximately 400,113 sq ft, according to a statement by China Everbright Ltd to the Hong Kong Stock Exchange, and will be used as office space by the firm’s parent company, China Everbright Group, a state-owned enterprise that has extensive assets in industries including banking and tourism.