Cushman & Wakefield successfully facilitates acquisition of Pufa Tower in Shanghai by CapitaLand
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.”
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)