Gaw Capital Partners Enters Agreement to Acquire Iconic Commercial Development SKY SOHO in Shanghai Through Its Fund
23, 2017, Shanghai – Real
estate private equity firm Gaw Capital Partners announced that it has entered
into a framework agreement to acquire SKY SOHO (Lingkong SOHO), a group of iconic
Class A office buildings in Shanghai, China, from SOHO China (410: Hong Kong) through
one of the funds under its management.
Located in the heart of Linkong Economic Park and
designed by world-famous architect Zaha Hadid, the development has a 128,175
sqm total gross floor area with 103,014 sqm of office and 25,161 sqm of retail.
The property is comprised of office towers with retail podiums underneath, and
has excellent transport links via its close proximity to Hongqiao
Transportation Hub and the Songhong Road metro station, which connects directly
with Hongqiao International Airport and Hongqiao Railway Station via Metro Line
2. Since its opening, the complex’s surreal, dynamic and futuristic design has left
a significant impression on Shanghai, and made it a striking and iconic
landmark in the city.
Shanghai Hongqiao Transportation Hub is one of the
world’s largest transportation and business hubs which integrates the city’s
second international airport, the Hongqiao high-speed railway station, the
Shanghai Metro, the inter-city railway system, and local and long-distance
passenger transportation all in one location. Gaw Capital has closely observed
the exponential development in Hongqiao as a result of the Hub, which was a
strategic project under the Eleventh Five-Year Plan for National Economic and
Social Development (2006 – 2010), and has monitored the opportunities in the
area to engage in the right project at the right time.
Pang, Managing Principal and Head of China at Gaw Capital Partners, said, “We have
been eyeing the Hongqiao Transportation Hub, because it is an unique integrated
business district in the world connecting to both the airport and the
high-speed railway station. We are extremely pleased to have the opportunity to
acquire this top-grade development in such an ideal location close to the Hub
and within the broad catchment area of the new cluster of cities in Jiangsu province.
As Shanghai continues to prosper, there will be continued demand for prime
office and retail space, boosted by policy support from the government and
superior links to a vast transportation network across the Yangtze River delta
region and beyond.”
With over 10 years of investment experience in
Shanghai, Gaw Capital has an excellent track record for turning around and
repositioning a wide spectrum of commercial real estate in the city. The firm’s
Shanghai portfolio comprises a number of high-potential commercial properties,
including Plaza 353, a landmark 1932 retail mall on Nanjing East Road painstakingly
restored to its original grandeur; Ciro’s Plaza, a revamped 39-story office and
retail project on the eastern end of Nanjing West Road adjacent to People’s
Square; and Cross Tower, a 22-storey office tower built on a two-storey retail
podium within walking distance of the Bund.