wisepowder: Grosvenor Asia Pacific and Shui On Land Jointly Acquire Nanjing IFC

Grosvenor Asia Pacific and Shui On Land Jointly Acquire Nanjing IFC

25 Feb 2021 at 00:32

Grosvenor Asia Pacific and Shui On Land Jointly Acquire Nanjing IFC

Grosvenor Asia Pacific and Shui On Land Limited (“Shui On Land”, Stock Code: 272), Shui On Group’s flagship property development company in Mainland China, announced today a 50/50 joint-venture to acquire a mixed-use Grade A landmark property, located at No. 1 Hanzhong Road, Qinhuai District, Nanjing, the capital city of Jiangsu Province.To get more shui on land news, you can visit shine news official website.

With the project commanding a total gross floor area of 109,196 square metres, and consisting of a 45-storey Grade A office tower, a 7-storey retail podium, as well as 278 underground parking lots, this acquisition is one of Grosvenor Asia Pacific’s most significant investments to date and also a milestone for Shui On Land to grow its presence in Nanjing, in addition to its Nanjing INNO Zhujiang Lu and Bai Zi Ting projects.

As a leading city in the Yangtze River Delta region (YRD), Nanjing continues to demonstrate strong growth, underpinned by a diversified industrial base, excellent universities, a highly skilled labour force and structural integration with the wider YRD. Nanjing IFC is a landmark building prominently located at Xinjiekou, Nanjing’s most prestigious commercial address. The area is a popular retail and social destination, attracting a large volume of pedestrian footfall.

Nanjing IFC generates strong and stable rental income, with the office building occupied by an impressive tenant roster, which spans different companies and industries, including MetLife, AIA, KFC, MSD, Roche, Sinokorea Life, Boehringer-Ingelheim and Pramerica Fosun. The joint-venture will further add value by upgrading the office tower and repositioning the retail podium in order to benefit more broadly from Nanjing’s excellent economic and demographic fundamentals. 

This investment marks the effective execution of both joint-venture parties’ strategies. Grosvenor’s Greater China strategy focuses on strategic residential and commercial joint-ventures with best-in-class partners in high-growth city submarkets in the Yangtze Delta Region and the Greater Bay Area. For Shui On Land, the investment aligns with its Asset Light Strategy of collaborating with strategic partners to invest in prime commercial property assets and to expand its assets under management.


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