Gaw Capital sells Beijing’s Pacific Century Place
Hong Kong’s Gaw Capital Partners has sold Beijing’s Pacific Century Place for around RMB10.5 billion (US$1.53 billion) following a value-adding exercise performed on the retail portion of the property that was completed last year.
The former department store component of the complex had been closed and abandoned since 2011 following poor sales performance and an outdated store design. Acquiring the property in 2014, Gaw hired the services of Hong Kong design firm Lead 8 to transform the development into a modern experiential commercial, fine dining and retail hub. The 75,000sqm retail area was completely refurbished, along with enhancements to the public areas of the structure.
Gaw has now completed the sale of the complex, at a markup of around $548 million, to a fund connected with Chinese real estate agency Lianjia in Beijing’s largest commercial real estate transaction this year. The buyer of the property is thought to be asset management firm Beijing Yuanjing Mingde Management and Consulting Co, which is likely to continue renovating the project’s serviced apartment towers.