Cushman & Wakefield brokers CapitaLand purchase of Beijing’s Suning Life Plaza
One of the two possessions obtained is Suning Life Plaza, an integrated development in Beijing which was bought by a single-asset fund under the CCOP Program for $553 million. The offer was agented by Cushman & Wakefield, that states it observes the very first CBD profitable real estate transaction in China this year. “The deal is among the very first by an international investor given that the government began rolling back its strict anti-Covid-19 plans in December,” says the consultancy in a March 13 announcement.
Last month, CapitaLand Investment (CLI) announced the procurement of 2 investments in China via the CapitaLand China Opportunistic Partners Programme (CCOP Program). The fund has boosted $1.1 billion in committed investment to purchase special case opportunities in China.
Suning Life Plaza is a 19-storey development with 566,182 sq ft of office and retail store net lettable location. “Complying with the acquisition, the fund will restore an area of the commercial location for workplace use. While investable properties in Beijing have traditionally been hard to find, Suning Life Plaza has become a good opportunity for property upgrading plus enhancement,” states Charli Chan, Cushman & Wakefield’s managerial director of funding markets in China.
Gordon Marsden, director of funding markets Asia Pacific at Cushman & Wakefield, says that the package mirrors the continuous interest by investors in the Mainland China industry. This is in line with data from a recent study performed by the consultancy, which presents investor intents stay concentrated on Tier 1 areas in Mainland China.
“While some foreign capital continues to be cautious on China investments, there are a number of experienced, future financiers who view the existing economic problems as a window of possibility to buy China while they deal with much less competition from fellow,” adds Catherine Chen, Cushman & Wakefield’s head of capital marketing researches, Greater China.
