CHICAGO--(BUSINESS WIRE)--Cushman & Wakefield's (NYSE: CWK) Greater China Capital Markets team recently facilitated the acquisition by CapitaLand Investment Private Fund of the Beijing Suning Life Plaza mixed-use development from Suning for approximately US$400 million.
Located in the Chaoyang central business district, the property has a total gross floor area of approximately 714,000 square feet comprising both office and retail space.
“We are honored to have facilitated and brokered the Beijing Suning Life Plaza investment deal. At the beginning of 2023, CapitaLand Investment established the CapitaLand China Opportunistic Partners Programme and acquired Suning Life Plaza as part of its first batch of key investment pipelines. Following the acquisition, the fund plans to renovate a section of the commercial area for office use,” said Charli Chan, Cushman & Wakefield’s Executive Director, Capital Markets, Greater China. “Suning Life Plaza has emerged as a great opportunity for asset upgrading and enhancement and is highly suitable for an experienced asset manager such as CapitaLand Investment. This transaction has also reinforced market confidence and demonstrates the rebound of positive sentiment for international funds investing in mainland China.”
“Thanks to the long-term commitment and close follow-up from our team, we have been able to capture this high-quality investment opportunity, paving the way for further transactions in 2023,” said Francis Li, Cushman & Wakefield’s International Director, Head of Capital Markets, Greater China. “The China Securities Regulatory Commission is launching a pilot scheme in 2023 for real estate private equity funds, and with the gradual maturity of REITs and a pick-up of activities in the insurance sector, we believe that the large-size transaction will become more active in 2023."
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Cushman & Wakefield (NYSE: CWK) is a leading global commercial 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 approximately 52,000 employees in over 400 offices and approximately 60 countries. In 2022, the firm had revenue of $10.1 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.