Shanghai, China, 23 November 2016 — Grosvenor Asia Pacific, the regional operating arm of privately-owned international property group Grosvenor, announced today it has reached agreement with Joy City Property Limited (‘Joy City Property’, 00207.HK) on the sale of the company holding the retail asset Parkside Plaza valued at approximately RMB2.2 bn. The sale comes following the successful repositioning of the mall into a premier family entertainment destination and consecutive year-on-year growth in sales and footfall, with Grosvenor’s proceeds to be reinvested into Shanghai in value-add and development investment opportunities across the mixed-use, commercial, and residential sectors. To support these plans, Grosvenor Asia Pacific has added key hires to its investment team, enhancing local expertise as it looks to deepen its presence in the market.
Located on the bank of Suzhou River adjacent to Changfeng Park in the Putuo district of Shanghai, Parkside Plaza features a total floor area of 126,000 square meters. It offers a one-stop shopping experience with international fast fashion brands such as H&M, Uniqlo and C&A, and a variety of leisure and family entertainment such as a 1,600-seat cinema, KTV, and Shanghai’s largest indoor rock climbing venue, as well as an excellent selection of international and local cuisines. In May 2016 China’s first ever LEGOLAND® Discovery Center opened at Parkside Plaza. The opening was a continuation of sustained and proactive asset management at the mall, where Grosvenor Asia Pacific implemented its ‘Living cities’ philosophy, adding green initiatives, enhancing vibrancy, increasing traffic, and creating a neighbourhood destination for the area.
Ms. Brenda Chung, Executive Director and China Chief Representative of Grosvenor Asia Pacific, commented:
“The sale of Parkside Plaza comes following its successful repositioning into a premier family entertainment destination and consecutive year-on-year growth, attracting world renowned international brands such as LEGO® for their first ever LEGOLAND® Discovery Center in China. Grosvenor Asia Pacific’s sales proceeds will be reinvested into value-add and development investment opportunities across the mixed-use, commercial and residential sectors in Shanghai. The company has a strong track record in these sectors regionally and have been adding expertise to our local team as we look to deepen our presence long-term by partnering with like-minded investors and development partners.
Our aim is to create properties and places with a focus on high quality and international-standard design, enhancing the vibrancy of the neighbourhoods and cities in which we operate.”
Acquired on behalf of the Grosvenor Vega China Retail Fund in 2010, Parkside Plaza has become one of the area’s leading shopping and entertainment destinations since its opening in December 2011.
Grosvenor Asia Pacific is positioning itself for the long term in China’s real estate market, aiming to become more deeply engrained in Shanghai and deliver its next phase of high-quality projects for customers and investors. In line with this, the company also announced the appointment of Mr. Michael Zhu as Associate Director, Investment. Mr. Zhu brings a wealth of acquisition, asset management and project management experience gained from his previous roles at Invesco Asia Pacific, Portman Holdings and Morgan Stanley Real Estate. His appointment further enhances the Shanghai team’s local expertise as it looks to implement its strategy in China. Grosvenor Asia Pacific intends on building on its track record in Shanghai which includes previous investments in residential assets Grosvenor Place at Lakeville Regency, Belgravia Place at Hua Shan and Chester Court at Gubei; and Grade A office tower Shui On Plaza.
Joy City Property is the flagship real estate business of the COFCO Group, operating primarily in the development, sales, leasing and management of mixed-use complexes including shopping malls, hotels and resorts, offices, and serviced apartments.
For more information contact:
Yan Adams, Manager, Marketing Communications & Living Cities
Grosvenor Asia Pacific
+852 2501 1961
Notes to Editors
Grosvenor Asia Pacific
Grosvenor Asia Pacific is an investor, developer and asset manager, active in the region for over 20 years. We operate across the residential, office and multi-use sectors and are currently deepening our knowledge and expertise in our core cities: Hong Kong, Shanghai and Tokyo, whilst also increasing our development exposure. Ultimately, we aim to play an influential role in the positive transformation of these cities as they continue to grow. As at 31 December 2015, Grosvenor Asia Pacific had assets under management of HK$8.1bn.
For more information visit the website www.grosvenor.com @Grosvenor_Asia
Grosvenor, one of the world’s largest private international property groups, works in some of the most dynamic cities around the globe. Guided by our ‘Living cities’ philosophy, we strive to create, manage and invest in properties and places that contribute to the enduring success of cities.
Perfectly located on the bank of scenic Suzhou River and adjacent to Changfeng Park, Parkside Plaza is a landmark shopping mall within the Changfeng Ecological Business Development Area. Featuring a total retail GFA of 89,000 sqm, the scheme offers a one-stop shopping experience with international fast fashion brands such as H&M, Uniqlo and C&A; a variety of leisure entertainment including an HB Cinema, Vigor-100 KTV and Hani rock climbing space as well as an excellent selection of popular eateries and venues. In May 2016 China’s first ever LEGOLAND® Discovery Center opened at Parkside Plaza.