Cushman & Wakefield's Greater China Capital Markets team have successfully facilitated the acquisition by CapitaLand of the Beijing Suning Life Plaza mixed-use development from Suning for a total consideration of RMB2.81 billion (approximately US$400 million). The significant transaction marks the first CBD commercial real estate transaction in mainland China for the year 2023.
Charli Chan, Cushman & Wakefield’s Executive Director, Capital Markets, Greater China, said, “We are honored to have facilitated and brokered the Beijing Suning Life Plaza investment deal, located in the Chaoyang CBD. The property features a digital display facility measuring more than 100 meters, with a total site area of approximately 66,300 sq m comprising both commercial and office usage. At the beginning of 2023, CapitaLand 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, CapitaLand Investment will renovate a section of the commercial area for office use, to absorb growing market demand for office space. Investable properties in Beijing have traditionally been scarce. 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. This transaction has also reinforced market confidence and demonstrates the rebound of positive sentiment for international funds investing in mainland China.”
Francis Li, International Director, Head of Capital Markets, Greater China, added, “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 large-sized transactions in 2023. 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 large-size transactions will become more active in 2023."
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 52,000 employees in over 400 offices and 60 countries. In Greater China, a network of 23 offices serves local markets across the region, earning recognition and winning multiple awards for industry-leading performance. In 2022, the firm had revenue of $10.1 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 us on LinkedIn.
