InfraRed NF has acquired an 84 percent equity stake in Project Sycamore, a $112 million mixed-use complex in Shanghai together with Collab, a Shanghai-based value-add investment and asset management firm. The project was acquired from a local NPL asset management company at a discount to replacement cost.
Located in the French Concession area, the cultural and historical heart of “Old Shanghai”, the project sits within the Xuhui creative office cluster, surrounded by some of the city’s well-known urban renewal examples, and is a 10-minute walk to three metro stations.
The mixed-use complex totals 18,466 square meters (198,766 square feet) and comprises four separate commercial buildings and a central courtyard. Originally built as a silk factory, the property was subsequently converted for commercial office and retail use. The condition of the property has since deteriorated, and it is currently vacant.
InfraRed NF will implement a value-add strategy to r
