Cushman & Wakefield brokers CapitaLand purchase of Beijing’s Suning Life Plaza
Last month, CapitaLand Investment (CLI) revealed the procurement of 2 properties in China with the CapitaLand China Opportunistic Partners Programme (CCOP Programme). The fund has already raised $1.1 billion in committed investment to purchase exclusive situation possibilities in China.
One of the two possessions gotten is Suning Life Plaza, an incorporated property in Beijing which was bought by a single-asset account within the CCOP Program for $553 million. The deal was agented by Cushman & Wakefield, that states it marks the first CBD profitable real estate transaction in China this year. “The offer is among the first by an overseas investor since the federal government started curtailing its rigorous anti-Covid-19 policies in December,” states the consultancy in a March 13 announcement.
Suning Life Plaza is a 19-storey project with 566,182 sq ft of workplace and retail net lettable area. “Adhering to the procurement, the fund will renovate a section of the business area for workplace use. While investable real estates in Beijing have commonly been hard to find, Suning Life Plaza has actually become a very good opportunity for possession upgrading along with enhancement,” says Charli Chan, Cushman & Wakefield’s executive supervisor of funding markets in China.
“While some international capital remains careful on China financial investments, there are several knowledgeable, future financiers who view the current economic problems as a window of opportunity to purchase China while they deal with less competitors from peers,” adds Catherine Chen, Cushman & Wakefield’s head of financing markets research, Greater China.
Gordon Marsden, director of funding markets Asia Pacific at Cushman & Wakefield, states that the package shows the recurring attraction by financiers in the Mainland China market. This is in line with results from a latest survey performed by the consultancy, which presents financier purposes continue to be concentrated on Tier 1 cities in Mainland China.