CBRE Leads Brokerage Wins with Warburg Pincus-Backed RMB 3B Beijing Buy Mingtiandi Broker Battle

CBRE tops the deal charts this week after its team assisted a Warburg Pincus-backed JV in acquiring a 25,780 square metre (277,493 square foot) office tower in Beijing.

Also in mainland China, Shenzhen-based commercial real estate agency BlackHills scored with a Nanshan leasing deal on behalf of Internet titan JD.com, while JLL assisted Brookfield on the purchase of an 186,812 square metre logistics facility in Wenzhou.

Redevelopment projects kept the deal flow going in Hong Kong, with both Savills and local Hong Kong property agency Centaline helping out with sales of industrial sites set to be reborn as commercial buildings, and there are also new deals to report in Korea, India and Singapore.

Keep reading for all the details on which brokerages won deals this month, and if your team has capital markets or leasing victories to report, please contact us here at Mingtiandi.

Mainland China

CBRE announced two weeks ago that it had advised Beijing Capital Grand Yiming Investment Limited Partnership – a RMB 3 billion joint venture established by Hong Kong-listed commercial property developer Beijing Capital Grand and Warburg Pincus-backed Nova Property – in acquiring an office tower in Beijing’s CRCC Plaza at an undisclosed price. The JV acquired the 25,780 square metre commercial tower, which is located in the city’s Chaoyang district, from China Railway Construction Corporation. Read more>>

Shenzhen-based commercial real estate agency BlackHills acted as tenant rep for internet giant JD.com’s lease of five floors in the One Excellence Tower 3 in Shenzhen’s Qianhai district. According to market sources, JD.com paying market rates of around RMB 200 ($28.76) per square metre per month to take up 13,300 square metres in the tower. The 757,340 square metre complex, which was developed by Shenzhen-based Excellence Real Estate Group, comprises four office towers, two apartment buildings, and a retail component.

JLL advised Brookfield Asset Management in acquiring a warehouse property in Wenzhou’s Yueqing district for an undisclosed price. Located in Yueqing Port, the double-deck ramp-up warehouse, which has a gross floor area of 186,812 square metres, was purchased by the Canadian asset manager from an undisclosed buyer. Read more>>

CBRE announced last week that it had been appointed by Hony Properties, a wholly-owned subsidiary of Beijing’s Hony Capital, to provide leasing agency services for an office tower in Shenzhen’s Guiwan district. Due for completion in July, the 31-storey Hony Tower will have 48,470 square metres of gross floor area. Read more>>

Hong Kong

Savills brokered the sale of the Hang Fat Industrial Building in Cheung Sha Wan on behalf of an undisclosed seller, according to a local media account. Occupying a 15,837 square foot (1,471 square metre) site at 550-556 Castle Peak Road, the property could potentially be redeveloped as an office building with a maximum gross floor area of 190,000 square feet after a land use premium has been paid. A local Hong Kong investment consortium paid HK$1.1 billion ($140 million) for the 12-storey industrial property, or HK$5,800 per square foot of permissible gross floor area. Read more>>

Local Hong Kong property agency Centaline has brokered the sale of a commercial site in Tsuen Wan on behalf of Hong Kong-listed Star Properties Group. Located at 11-15 Chai Wan Kok Street, the 16,312 square foot site has been approved for redevelopment as a commercial project of up to 155,000 square feet of gross floor area. First Group Holdings paid HK$980 million for the site, or around HK$6,300 per square foot of potential gross floor area. Read more>>

Local Hong Kong property agency Ricacorp Properties has been appointed as marketing agent for the sale of ground floor units 1-6 in the Wah Wai Industrial Building in Tsuen Wan. Located at 53-61 Pak Tin Par Street, the six vacant units have an asking price of HK$120 million, or HK$11,099 per square foot based on a construction area of 10,812 square feet. According to land registry documents, Wa-Mart Limited purchased the property last May for HK$77 million. Read more>>

South Korea

JLL brokered the sale of the Grand Hyatt Seoul on behalf of an affiliate of Hyatt Hotels Corporation. Hong Kong-based private equity firm PAG teamed up with Seoul-based Inmark Asset Management to acquire the landmark 615-room hotel for 560 billion Korean won ($480 million), according to market sources cited in local Korean media. Read more>>

India

JLL advised a joint venture between Tishman Speyer and GIC on the sale of the Waverock office campus in Hyderabad in India’s biggest commercial real estate deal of the year, according to a statement by the property services firm. A fund backed by Allianz Real Estate and Indian developer Shapoorji Pallonji Group agreed to purchase the 2.4 million square foot (223,000 square metre) office development for $250 million from the 50:50 JV between the New York-based developer and the Singaporean sovereign wealth fund. Read more>>

Singapore

Colliers International, acting as marketing agent on behalf of the owners of the Arcade in Collyer Quay, has extended the tender deadline for the collective sale of the commercial complex from 8 January to 5 March, after developers requested more time to assess the site. The property, which occupies a 21,905 square foot site near Singapore’s Raffles Place, has a reserve price of S$780 million ($577 million), or S$2,840 per square foot. Comprising 127 office and retail units, the property is being offered at a 10 percent discount from the S$868 million asking price set it 2014, which failed to attract a buyer. Read more>>

CBRE has been appointed as the exclusive marketing agent for the sale, either collectively or separately, of a pair of prime three-storey conservation shophouses on Tras Street on behalf of an undisclosed seller. The larger shophouse has a guide price of S$12 million, or around S$2,800 per square foot based on its gross floor area of 4,257 square feet. The smaller property has a guide price of around S$10.8 million, or S$2,800 per square foot based on its floor area of 3,852 square feet. Read more>>

Knight Frank has been appointed to broker the collective sale of the freehold Green Court complex on Geylang Road with a 19 February 2020 deadline set for the tender. The mixed residential and commercial redevelopment project has a reserve price of S$28 million or around S$1,789 per square foot based on a permissible maximum gross floor area of 28,216 square feet. Read more>>

Knight Frank has been appointed as the sole marketing agent for the sale of a portfolio of 11 retail shops in Sim Lim Square, either collectively or separately. The total strata area of the shops has a guide price of S$22 million, with unit sizes ranging from 291 square feet to 506 square feet. Read more>>

Research for this story was provided by Li Yanxia and Iris Poon. Mingtiandi’s Broker Battle series is published twice monthly on Tuesdays.

Note: An earlier version of this story indicated that Beijing Capital Grand Yiming Investment Limited Partnership had acquired the CRCC Plaza complex. The story has been updated to show that the transaction involved an office tower within the complex. Mingtiandi regrets the error.