Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, recently announced its role in facilitating the acquisition of Pufa Tower in Shanghai by CapitaLand, marking the first time CapitaLand has entered the Lujiazui submarket.
Pufa Tower stands amid Shanghai’s notable skyline, next to the Shanghai Stock Exchange. The building faces the Century Avenue, which is known as the “dragon vein” of Pudong and runs through the central business district of Lujiazui and Bamboo Garden. The Tower has the geographical advantage of being located just one block away from Shanghai Tower and the Shanghai World Financial Center. Under the new acquisition, CapitaLand will own a total gross area of approximately 450,000 sf of the above-ground building area across multiple floors, plus the underground parking spaces.
The project is the first pilot scheme to securitize Chinese property assets on the Shanghai Stock Exchange and is also the first project in China to use a single-office property as the underlying asset. Cushman & Wakefields Capital Markets teams in Shanghai and Hong Kong collaborated on this historic transaction.
Mr. Alvin Yip, President of Capital Markets in Greater China, and Head of Capital Markets in China of Cushman & Wakefield, said, “It is a great honor to lead the team on the first project in China of this kind and to participate in this landmark deal in Shanghai. The property investment market in Shanghai has exceeded RMB100 billion in size for three consecutive years, where prime office projects are highly competitive. Pufa Tower not only occupies the most central part of Shanghai, but it is also a high-quality asset with cash flow, making it a rare opportunity for CapitaLand.”
Source: Cushman & Wakefield
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About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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