Gaw Capital Partners and its consortium partners have acquired four office buildings in Shanghai from China Resources Capital Management for an undisclosed price.
Hong Kong-based Gaw bought tower blocks A, B, C, and D at Shanghai MixC on 1799 Wuzhong Road, for a fund under its management.
Humbert Pang, a managing principal and head of China for Gaw Capital Partners, said that since the firm acquired Sky Soho in April 2018, it had been confident of acquiring these four towers at Shanghai MixC.
The four towers are located in the same district at Sky Soho, which was purchased for RMB5.01bn (€639m).
The development projects are positioned to benefit from the Shanghai Hongqiao transportation hub, the first of its kind in China, now being developed to bring together airports, railway and metro stations.
According to international agencies working in the area, office blocks in the area are being sold at a price range of 50,000-70,000 RMB per square metre.
The four grade-A office blocks offer a combined lettable area of 60,807sqm, mostly in office space, with a small component of retail space.
“The current existing tenancy structure and tenancy mix could be further optimised and upgraded to achieve better overall rental performance,” Pang said.
Gaw Capital has raised five funds targeting the Greater China and APAC regions since 2005.