SHANGHAI--(BUSINESS WIRE)--
Cushman & Wakefield (NYSE: CWK), a leading global real estate services
firm, recently announced its role in facilitating the acquisition of
Pufa Tower in Shanghai by CapitaLand, marking the first time CapitaLand
has entered the Lujiazui submarket.
Pufa Tower stands amid Shanghai's notable skyline, next to the Shanghai
Stock Exchange. The building faces the Century Avenue, which is known as
the "dragon vein" of Pudong and runs through the central business
district of Lujiazui and Bamboo Garden. The Tower has the geographical
advantage of being located just one block away from Shanghai Tower and
the Shanghai World Financial Center. Under the new acquisition,
CapitaLand will own a total gross area of approximately 450,000 sf of
the above-ground building area across multiple floors, plus the
underground parking spaces.
The project is the first pilot scheme to securitize Chinese property
assets on the Shanghai Stock Exchange and is also the first project in
China to use a single-office property as the underlying asset. Cushman &
Wakefield’s Capital Markets teams in Shanghai and Hong Kong collaborated
on this historic transaction.
Mr. Alvin Yip, President of Capital Markets in Greater China, and
Head of Capital Markets in China of Cushman & Wakefield, said,
"It is a great honor to lead the team on the first project in China of
this kind and to participate in this landmark deal in Shanghai. The
property investment market in Shanghai has exceeded RMB100 billion in
size for three consecutive years, where prime office projects are highly
competitive. Pufa Tower not only occupies the most central part of
Shanghai, but it is also a high-quality asset with cash flow, making it
a rare opportunity for CapitaLand."
Source: Cushman & Wakefield
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global 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 51,000 employees in 400 offices and 70
countries. In 2018, the firm had revenue of $8.2 billion across core
services of property, facilities and project management, leasing,
capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com
or follow @CushWake
on Twitter.
View source version on businesswire.com:
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Nichole Zhang
Head of Marketing & Communications, East China
Tel:
+86 21 2208 0235
nicole.mc.zhang@cushwake.com
Source: Cushman & Wakefield