Tishman Speyer and Frasers Property’s hospitality arm have partnered to invest RMB717m (€94m) in a rental apartment project located at 1001 Shennan East Road in Shenzhen, China.
The newly created joint venture between Tishman Speyer and Frasers Hospitality is acquiring the 25,076sqm rental apartment portion of the Shennan 1001 mixed-use project from an affiliate of China Resource Land. The Shennan 1001 development will also include office spaces and a retail podium.
Once the acquisition is complete, the partnership’s plan is to renovate the asset into 325 rental apartments expected to be completed and opened in the fourth quarter of 2024. The total investment is expected to be around RMB717m, the companies said.
Wilson Chen, CEO of Tishman Speyer China, said: “Tishman Speyer and Frasers Hospitality will utilise our collective and complementary areas of expertise to create a portfolio of premier rental apartment properties in high-growth cities across China.
“Shenzhen has become a technology and financial hub that continues to attract new businesses and residents, making it one of China’s most sought-after cities for rental apartments. Our purchase of Shennan 1001’s rental apartment component is an ideal first investment for our long-term partnership.”
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