Global real estate services firm Savills has helped one of mainland China’s largest commercial real estate companies to close its largest acquisition in Shanghai to date.
SOHO China Ltd. paid the equivalent of $500 million to buy Shanghai New World Changning Commercial Center. The two-tower complex in downtown Shanghai will be renamed SOHO Zhongshan Plaza, and comprises more than 1.53 million sq. ft., including nearly 1.1 million sq. ft. of office space and 136,300 sq. ft. of retail.
“As China's economy continues to experience positive growth, domestic and international corporates seek quality office space in Shanghai, its business capital,” says Albert Lau, managing director of Savills China.
Founded in 1995, SOHO China is the largest real estate developer in Beijing. The company develops and acquires high-profile, branded commercial properties in central Beijing and Shanghai. The company is listed on the Hong Kong Stock Exchange (Stock Code: 410). The company raised proceeds of $1.9 billion in its initial public offering in 2007, Asia´s largest commercial real estate IPO to date.
Savills is a global real estate services provider listed on the London Stock Exchange. The company’s international network spans more than 200 offices and associates throughout the Americas, the United Kingdom, Europe, Asia Pacific, Africa and the Middle East.