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Investment, Private Equity

Gaw Capital to Acquire Shanghai Commercial Development SKY SOHO

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SKY SOHO

Hong Kong-based real estate private equity firm Gaw Capital Partners has entered into a framework agreement to acquire SKY SOHO, a group of Class A office buildings in Shanghai’s Linkong Economic Park district, from SOHO China through one of the funds under its management.

Designed by well-known architect Zaha Hadid, the development has 128,175 square meters of gross floor area with 103,014 square meters of office space and 25,161 square meters of retail space. The property is comprised of office towers with retail podiums underneath, and has transport links via its close proximity to Hongqiao Transportation Hub, which connects directly to Hongqiao International Airport and Hongqiao Railway Station via the metro.

“We have been eyeing the Hongqiao Transportation Hub, because it is a unique integrated business district connecting to both the airport and the high-speed railway station,” said Humbert Pang, managing principal and head of China at Gaw Capital, in a company announcement. “We are extremely pleased to have the opportunity to acquire this top-grade development in such an ideal location close to the Hub and within the broad catchment area of the new cluster of cities in Jiangsu province.”

Gaw Capital has been investing in Shanghai for around ten years. Its Shanghai portfolio includes Plaza 353, a landmark 1932 retail mall on Nanjing East Road; Ciro’s Plaza, a 39-story office and retail project on the eastern end of Nanjing West Road adjacent to People’s Square; and Cross Tower, a 22-storey office tower built on a two-storey retail podium within walking distance of the Bund.

This February, Gaw, together with a number of investors including including Tencent Holdings Ltd.’s founder Pony Ma and founding managing partner of Sequoia Capital China Neil Shen, acquired the Four Seasons Hotel in Bora Bora in French Polynesia.

The firm has raised five commingled funds targeting the Greater China and Asia Pacific region since 2005. It manages opportunistic funds in Vietnam and the U.S. along with a hospitality fund targeting the Pan Asia region.

Since 2005, it has raised US$8.6 billion in equity and had US$13 billion in assets under management as of the second quarter 2017.

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