QuadReal Announces Consortium Acquisition of Ocean Towers in Shanghai
QuadReal is pleased to announce the acquisition of Ocean Towers, a 25-storey Grade A office property in Shanghai, as part of a consortium led by real estate private equity firm Gaw Capital Partners.
An abridged version of the acquisition statement issued by Gaw Capital Partners follow below. For the full announcement, including information about Gaw Capital and comment on this acquisition from Humbert Pang, that firm’s Managing Principal and Head of China, please review the media release available from the Gaw Capital Partners website.
Shanghai, 30 November 2018 – Real estate private equity firm Gaw Capital Partners announced that the firm, through a fund under its management together with consortium partners including QuadReal Property Group, have acquired Ocean Towers, a 25-storey Grade A office building strategically located in People’s Square, Shanghai, the heart of the city and its political and cultural center.
With 50,219 sqm (540,552 sq. ft.) of above-ground titled GFA and 185 car parking spaces, Ocean Towers enjoys strong exposure to customer traffic and excellent accessibility. Located at 550 East Yan’An Road, Ocean Towers is in the heart of Huangpu District. It is next to Nanjing East Road, Shanghai’s most popular pedestrian street and traditional commercial center, where tenants can enjoy easy access to the existing comprehensive transportation system and road infrastructure. Its prime position also offers excellent access to Shanghai’s busiest commercial and entertainment districts. It is within a five-minute drive to Nanjing West Road CBD, Xintiandi, Lujiazui and the Bund as well as being in close proximity to well-established commercial amenities such as Raffles City, Shimao Bailian, JW Marriot Tomorrow Square, Westin and Nanjing East Road Pedestrian Street.
The property is well-served by public transport as both People’s Square Station (Metro Lines 1, 2 and 8) and Dashijie Station (Metro Line 8 and the future Metro Line 14 to be completed by 2020) can be reached by foot in five to eight minutes. The property also enjoys spectacular, unobstructed views of the Bund and Little Lujiazui from its top floors which allows the possibility of better rental returns.
Gaw Capital, which commands assets of USD$ 18.3 billion under management as of Q2 2018, has over 13 years of experience investing in and/or turning around commercial properties in Greater China, including Hong Kong.