The deal included tower blocks A, B, C, & D of the Shanghai MixC complex, located at 1799 Wuzhong Road in the Minhang District, Gaw said in a press statement. The sale price was not disclosed.
The complex offers 56,950 sq.m. of office and 3,857 sq.m. of retail space in the greater Hongqiao area and sits on top of the Ziteng Road metro station.
“Followed by our previous acquisition of SKY SOHO in April 2018, Gaw Capital is confident in acquiring four premium Grade A office buildings (Block A, B, C & D) at Shanghai MixC, which presents an excellent opportunity to capture the growth opportunities arising from the Shanghai Hongqiao Transportation Hub,” said Humbert Pang, managing principal and head of China for Gaw Capital Partners.
The complex is near the Hongqiao railway station, which is set to benefit from the development of high-speed railway.
The company is betting that the MixC’s proximity to Hongqiao station will appeal to companies headquartered in other Yangtze River Delta cities that have plans to expand to Shanghai and the rest of the country.
The office buildings are also close to the Hongqiao, Caohejin, Qibao, Xinzhuang and Xujiahui business districts, among others.
“With the China International Import Expo (CIIE), the world’s first import-themed national level expo, and Hongqiao International Trade Forum, being held at National Exhibition and Convention Center (Shanghai) in Hongqiao Central Business District, it brings more vibrant commercial activities in the area,” Pang added.
Gaw plans to improve the common areas, including the entrance, lobby and lift lobby, as well as reshuffle the signage and advertising space.
The acquisition follows on from Gaw’s purchase of the Ocean Towers office building in Shanghai’s Huangpu district last month.
Gaw Capital has US$18.3bn of assets under management.