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Sign in Sign up for a FREE subscriptionIN-DEPTH: Gaw Capital buys Beijing complex for $928m
Gaw Capital Partners has agreed to acquire Pacific Century Place, a Beijing residential and commercial complex. Here’s an in-depth look at the deal.
THE DEAL
Gaw Capital paid $928 million, or $507 per square foot, to Pacific Century Premium Developments, the real estate unit of Hong Kong’s PCCW.
Pacific Century plans to use the proceeds from the sale to repay HK$1.5 billion ($193 million) of loans and redeem HK$2.42 billion ($312 million) of convertible notes that will mature in May.
Gaw Capital is acquiring a 100 percent equity stake in the property via a shell company, Vinter Star Ltd. The investment is from Gaw's Gateway Real Estate Fund IV. A number of the fund's limited partners are co-investing in the deal.
Both parties agree that the name of the who