Tishman Speyer, Frasers Hospitality JV acquires premium rental apartment asset in China

Tishman Speyer has formed a joint venture with Frasers Hospitality, a strategic business unit of Frasers Property, to acquire the rental apartment portion of Shennan 1001, located in Shenzhen, China.

Tishman Speyer and Frasers Hospitality have jointly acquired the 25,076-square-meter (269,915-square-foot) rental apartment component within the Shennan 1001 Project from an affiliate of China Resource Land. Upon acquisition, the two shareholders will renovate and operate it as rental apartments. The total investment is expected to be approximately RMB 717 million ($102 million).

This is the first partnership and investment made between Tishman Speyer and Frasers Hospitality.

The new joint venture will leverage the extensive multifamily and long-stay lodging expertise of both partners to lead the renovation and conversion of the asset into 325 efficiently designed rental apartments featuring a mix of studio, one- and two-bedroom units. The project, which will be bra