Wed, 09/04/2014 - 10:11
Funds under management by real estate private equity firm Gaw Capital Partners have signed a conditional sale and purchase agreement to acquire one of Beijing’s premier properties – Pacific Century Place.
At an initial consideration of USD928m (subject to adjustments), the acquisition is the biggest single asset transaction invested by a foreign real estate private equity fund in China.
Pacific Century Place, connected directly to the Tuanjiehu Station on Metro Line 10, is well located south of the Gongti North Road in the popular Sanlitun area. The Sanlitun area contains many of Beijing’s trendiest bars and restaurants and is a popular hangout for affluent locals and expats.
The approximately 169,900 square metre asset comprises of two towers of offices, two towers of serviced apartments and a shopping mall.
Gaw Capital Partners plans to implement active asset management to the property, bringing it to its full potential.
Other properties Gaw Capital Partners has invested in and/or managed in the area include Taikoo Li in Sanlitun, Hotel G Beijing, and Embassy House.
Kenneth Gaw, president and co-founder of Gaw Capital Partners, says: “This is a rare opportunity to be able to acquire such a large cash flow asset in a prime and irreplaceable area in Beijing. We believe this type of asset will continue to outperform. Its diverse cash flow stream with retail, office, and residential elements provides excellent downside protection.”
Humbert Pang, managing principal and head of China for Gaw Capital Partners, says: “This is a wonderful opportunity to leverage Pacific Century Place’s extremely convenient and accessible location next to the subway and its proximity to Sanlitun, one of Beijing’ s most popular and bustling retail locations. The project will provide a diversified income stream with long-term rental and capital appreciation potential at a location which is perpetually attractive to office, retail and serviced apartment tenants. It would also provide us an opportunity to showcase what we’re known best in the market for – to bring value-add to properties through creative yet prudent asset management.”
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