Gaw sells Guangzhou office
Gaw Capital Partners and its partner Morgan Stanley Real Estate Funds have sold the Metropolitan Plaza, a shopping mall in Western Guangzhou, China. The sales price is estimated to be $588 million.
The new owner is Link REIT, one of Asia’s largest REITs.
This is the first time the three real estate firms have made a deal, which is the largest shopping mall transaction in South China in recent years.
Metropolitan Plaza is located in Liwan District and in the core of the traditional Xiguan CDB of Guangzhou. It is the only mid- to high-end shopping mall in the area. The four-floor mall directly connects with Xiguan Huangsha station. It was built in 2006 by Hong Kong developer Cheung Kong Property and Hutchison Whampoa Property, and opened in 2012, offering more than 945,000 square feet of retail space. It has more than 230 shops.
By holding regular promotions and events, including celebrity meetings, exhibitions, sports and entertainment activities, Metrop