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Cushman & Wakefield brokers CapitaLand purchase of Beijing’s Suning Life Plaza

By Atiqah Mokhtar

March 15, 2023 11:57 AM SGT

Suning Life Plaza (Picture: Cushman & Wakefield)

SINGAPORE (EDGEPROP) - Last month, CapitaLand Investment (CLI) announced the acquisition of two assets in China through the CapitaLand China Opportunistic Partners Programme (CCOP Programme). The fund has raised $1.1 billion in committed equity to invest in special situation opportunities in China.

One of the two assets acquired is Suning Life Plaza, an integrated development in Beijing which was purchased by a single-asset fund under the CCOP Programme for $553 million. The deal was brokered by Cushman & Wakefield, who says it marks the first CBD commercial real estate transaction in China this year. “The deal is one of the first by an international investor since the government began rolling back its strict anti-Covid-19 policies in December,” says the consultancy in a March 13 press release.

Suning Life Plaza is a 19-storey development with 566,182 sq ft of office and retail net lettable area. “Following the acquisition, the fund will renovate a section of the commercial area for office use. While investable properties in Beijing have traditionally been scarce, Suning Life Plaza has emerged as a great opportunity for asset upgrading and enhancement,” says Charli Chan, Cushman & Wakefield’s executive director of capital markets in China.

Gordon Marsden, head of capital markets Asia Pacific at Cushman & Wakefield, says that the deal reflects the ongoing interest by investors in the Mainland China market. This is in line with findings from a recent survey conducted by the consultancy, which shows investor intentions remain focused on Tier 1 cities in Mainland China.

“While some foreign capital remains cautious on China investments, there are several experienced, long-term investors who see the current economic conditions as a window of opportunity to invest in China while they face less competition from peers,” adds Catherine Chen, Cushman & Wakefield’s head of capital markets research, Greater China.

Tags:

Suning Life Plaza CapitaLand Investment Cushman & Wakefield

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