Richard Ellis Investors has acquired a joint venture interest from HK TaiQi Real Estate Development in a 534,000 square foot mixed use project in Shanghai, China.
Guangdong Bank Tower is located in central Shanghai and includes a serviced apartment tower and an office tower over a retail podium.
“This deal gives our fund a quality, centrally located asset in a supply-constrained area in one of China’s best markets,” said Mark S. Karlan, president of Strategic Partners Asia II. The firm did not provide a value of the investment in its statement.
It comes two months after Richard Ellis Investors closed the value added vehicle on $400 million (€258 million). Equity commitments were garnered from institutional investors in the US, Europe and Australia.
The fund is the second investment programme of the Strategic Partners series to be launched in Asia. It is aiming to acquire, reposition, develop and sell institutional-quality real estate in major Asian markets, with a primary focus on China and Japan.