HONG
KONG, CHINA -�Media OutReach�-�8 January�2019�-�Cushman & Wakefield (NYSE: CWK), a leading global real estate
services firm, today announced
the success of its Capital Markets team in facilitating the acquisition of Pufa
Tower in Shanghai by CapitaLand. Boasted as the first major investment deal of
2019, it marks the first time CapitaLand has entered the Lujiazui submarket.
Pufa Tower
stands amid Shanghai's notable skyline, next to the Shanghai Stock Exchange,
the building faces the Century Avenue, which is known as the "dragon
vein" of Pudong and runs through the CBD of Lujiazui and Bamboo Garden.
The Tower has the geographical advantage of being located just one block away
from Shanghai Tower and the Shanghai World Financial Center. Under the new
acquisition, CapitaLand will own a total gross area of 41,773 sq m of the
aboveground building area from 8/F to 19/F and 21/F to 32/F, plus the
underground parking spaces.
The project
is the first quasi-REITs project on the Shanghai Stock Exchange and also the
project in China to use a single office property as the underlying asset. As
the first asset-backed plan in China that exits through private negotiation,
the transaction is of great significance to the expansion of the CRE investment
market and the development of domestic real estate securitization. The close
and efficient cooperation of the Cushman & Wakefield Capital Markets teams
in Shanghai and Hong Kong is key to the success of this historic transaction.
Mr Alvin Yip, President of the
Capital Markets Department of C&W, Greater China and Head of Capital
Markets in China,
said, "It is a great honor to lead the team to the first project in China
to exit REITs and to participate in the landmark deal in the block property
investment market in Shanghai. The property investment market in Shanghai has
exceeded RMB100 billion in size for three consecutive years, in which prime
office projects are highly competitive. Pufa Tower not only occupies the most
central part of Shanghai, but it is also a high-quality asset with cash flow,
making it a rare opportunity for CapitaLand. We are looking forward to the new
look of the Pufa Tower."
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About Cushman & Wakefield
Cushman &
Wakefield (NYSE: CWK) is a leading global real estate services firm that
delivers exceptional value for real estate occupiers and owners. Cushman &
Wakefield is among the largest real estate services firms with 48,000 employees
in approximately 400 offices and 70 countries. Across Greater China, there are
20 offices servicing the local market. The company won four of the top awards
in the Euromoney Survey 2017 & 2018 in the categories of Overall, Agency
Letting/Sales, Valuation and Research in China. In 2017, the firm had revenue
of $6.9 billion across core services of property, facilities and project
management, leasing, capital markets, advisory and other services. To learn more,
visit www.cushmanwakefield.com.hk or follow us on
LinkedIn (https://www.linkedin.com/company/cushman-&-wakefield-greater-china)
