Gaw Capital acquires Shanghai asset for $754m

Gaw Capital Partners has acquired the Sky SOHO Project, a group of class A office buildings in Shanghai’s Linkong Economic Park district, developed by SOHO China for RMB 5.01 billion ($754.1 million).

The development has 1.38 million square feet of gross floor area with 1.1 million square feet of office space and 270,830 square feet of retail space. The property is comprised of office towers with retail podiums underneath, and has transport links via its close proximity to Hongqiao Transportation Hub.

“We have been eyeing the Hongqiao Transportation Hub, because it is a unique integrated business district connecting to both the airport and the high-speed railway station,” said Humbert Pang, managing principal and head of China at Gaw Capital, in a company announcement. “We are extremely pleased to have the opportunity to acquire this top-grade development in such an ideal location close to the Hub and within the broad catchment area of the new cluster of cities in Jiangsu province.”

Gaw Capital’s Shanghai portfolio includes Plaza 353, a landmark 1932 retail mall on Nanjing East Road; Ciro’s Plaza, a 39-story office and retail project on the eastern end of Nanjing West Road adjacent to People’s Square; and Cross Tower, a 22-story office tower built on a two-story retail podium.

Soho has been offloading assets since 2016 to cash in on the rising commercial property market, as the company said it was shifting toward focusing on core assets in prime locations in first-tier cities, according to the South China Morning Post.

Last July, it sold its Soho Century Plaza in Shanghai to Guo Hua Life Insurance.