October 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.
Humbert 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.