Allianz joined Gaw Capital to acquire two towers out of the four office blocks in Sky SOHO, located in Shanghai’s Hongqiao District. The asset is being acquired by Gaw Capital’s Gateway Real Estate Fund V and its co-investors. Allianz will hold approximately 23% of the equity. Allianz Real Estate undertook this transaction on behalf of a number of Allianz companies.
“Shanghai, a leading global city, continues to be one of our key investment destinations for commercial real estate. This transaction is the continuation of our strategy to invest in top quality assets with best-in-class operators" stated Rushabh Desai, CEO of Allianz Real Estate Asia-Pacific. “We are also excited about deepening our association with top institutional asset managers like Gaw Capital. This is our second co-investment with them.”
Designed by leading architect Zaha Hadid, Sky SOHO is an iconic, stabilised premium office and retail development. It offers a total leasable area (GLA) of 128,175 sqm, comprising 103,014 sqm office and 25,161 sqm retail space. The asset was completed in 2014 by SOHO China and has been awarded LEED Gold certification.
“We are extremely honoured to have Allianz as our investor and partner in this project. We are excited to have the opportunity to acquire this premier property located in the catchment area of the Hong Qiao Transportation Hub after eyeing this area for a long time. Sky SOHO will benefit from the continued demand for prime office and retail space, boosted by policy support from the government and superior links to this vast transportation network across the Yangtze River delta region as Shanghai continues to prosper," said Ms. Christina Gaw, Managing Principal and Head of Capital Markets at Gaw Capital Partners.
About Sky SOHO
Sky SOHO is strategically located in the Lingkong area, an IT and e-commerce hub within the Hongqiao district. The asset is in close proximity to the Hongqiao transportation hub connecting the city’s second international airport, its high-speed and conventional railway services, city metro system and public ground network with the Yangtze River delta region. With a catchment of 120 million people the transportation hub handles in total more than 500,000 passengers a day.
Sky SOHO became the new landmark of the Hongqiao district due to its curvilinear appearance and dynamic spatial structure. The building is certified Gold under the United States' Leadership in Energy and Environmental Design (LEED) Gold standards, and offers one of the best and most efficient office specifications in the district.
