July 1, 2015— Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG), a global leader in real estate services, acted as the exclusive sales agency of MSREF VII LEAPHART BV (“MSREF”) and successfully sold Sandhill Plaza located in Shanghai’s Zhangjiang High-Tech Park. With a total consideration of over RMB1.8 billion, the sale of Sandhill Plaza is the largest business park transaction in Shanghai.
The buyer of the property was Mapletree Greater China Commercial Trust (“MGCCT”), one of Colliers’ most valuable clients. This deal marks the first acquisition for MGCCT since its listing. As Shanghai’s business parks investment market becomes increasingly active, more and more investors are seeking investment opportunities in the business park property market.
A premium Grade-A property in Shanghai’s Zhangjiang Hi-Tech Park, the 63,457 sqm Sandhill Plaza is the city’s landmark business park property. It is a prized investment situated in a location much sought-after by enterprises. MSREF planned to find the right buyer for the property in early 2015. With thorough understanding of the business park market and client needs, Colliers International once again beat its competitors to win exclusive sale appointment for the project. In a short timeframe of four months, Betty Wong, Executive Director of Colliers Shanghai Investment Services, and her team identified the most suitable buyer and successfully concluded the deal.
As well as being the largest business park transaction in Shanghai, the successful sale of Sandhill Plaza marks another milestone investment deal for Colliers after the company assisted Singapore investor Ascendas in purchasing Lotus Square in 2014. Colliers is well-positioned as market leader of the business park sector following the conclusion of this monumental transaction.
“We are honored that Colliers International has successfully facilitated this transaction. We can see that foreign capital is seeking opportunity to enter the real estate market. After Zhangjiang High-Tech Park joined the Shanghai Free Trade Zone, I am sure the grade-A office market in the park will attract increasing attention. With its good location and quality building specifications, the purchase of Sandhill Plaza is in line with MGCCT’s business strategy of expanding its footprint in Shanghai. The success of this transaction will further enhance Colliers’ already leading position in the business park market in China,” commented Lina Wong, Managing Director of East & Southwest China and China Investment Services, Colliers International.
- Name of Property： Sandhill Plaza
- Location： 2290 Zuchongzhi Road, Zhangjiang Hi-tech Park, Pudong New Area, Shanghai, People’s Republic of China
- Gross Floor Area (sq m)： 83,801.48
- Above Ground Gross Floor Area (sq m)： 63,456.64
- Description of Sandhill Plaza： One 20-storey tower, seven blocks of 3-storey buildings1 and two basement levels of car park
- Title： 50-year leasehold commencing on 4 February, 2010, on industrial land
- Number of Car Park Lots： 460
- Number of Committed Tenants： 58
- Committed Occupancy Rate as at 31 March 2015 (%)2： 96.2%
- Year of Completion： 2012