Cushman & Wakefield brokers CapitaLand purchase of Beijing’s Suning Life Plaza
One of the two possessions acquired is Suning Life Plaza, an incorporated project in Beijing which was bought by a single-asset account following the CCOP Program for $553 million. The agreement was serviced by Cushman & Wakefield, that claims it marks the first CBD commercial property deal in China this year. “The agreement is among the very first by an overseas financier because the government began rolling back its tight anti-Covid-19 plans in December,” claims the consultancy in a March 13 announcement.
“While some overseas funding stays cautious on China investments, there are numerous experienced, persistent financiers that observe the existing financial issues as a window of opportunity to purchase China while they face much less competition from fellow,” adds Catherine Chen, Cushman & Wakefield’s head of financing marketing researches, Greater China.
Gordon Marsden, head of funding markets Asia Pacific at Cushman & Wakefield, claims that the deal reflects the continuous attraction by investors in the Mainland China industry. This remains in line with data from a most recent survey carried out by the consultancy, which shows financier intents stay focused on Tier 1 cities in Mainland China.
Last month, CapitaLand Investment (CLI) announced the purchase of two investments in China through the CapitaLand China Opportunistic Partners Programme (CCOP Programme). The fund has already increased $1.1 billion in determined investment to buy special situation chances in China.
Suning Life Plaza is a 19-storey development with 566,182 sq ft of office and also retail store net lettable location. “Following the procurement, the fund will definitely remodel a part of the commercial area for office use. While investable properties in Beijing have generally been hard to find, Suning Life Plaza has emerged as a great possibility for property improving plus development,” says Charli Chan, Cushman & Wakefield’s executive supervisor of capital markets in China.