December 30, 2020
Manulife and Gaw Capital Partners Announce the Joint Venture Acquisition of Cityplaza One
Real estate private equity firm Gaw Capital Partners announced that the firm, through a consortium led by a fund under its management and in partnership with Schroder Pamfleet and other consortium partners, has completed the acquisition of Cityplaza One. Separately, Manulife and Gaw Capital Partners have entered into a joint venture agreement, whereby Manulife will join the partners as the single largest investor.
Gaw Capital Partners’ asset management team will be responsible for overseeing the operation of Cityplaza One and will be responsible for ensuring a smooth handover to maintain service quality.
Completed in 1997 and located in the growing business center of Taikoo Shing in Hong Kong’s Eastern District, this 21-story, grade A office tower totals over 630,000 square feet and provides direct walkways connecting the buildings to Tai Koo MTR station and Cityplaza shopping mall. Tenants on higher floors are able to enjoy the sea view of Victoria Harbour. With the Central-Wan Chai Bypass, the tower also provides convenient access to the Central business district. Cityplaza One accommodates quality tenants including financial institutions, insurance companies and multinational corporations.
Kenny Lam, Head of Asia Real Estate Investments at Manulife said, “We are very excited to partner with Gaw Capital and other investors on this prime investment. Despite some of the headwinds resulting from the pandemic, we are continuing to focus our expansion efforts on high quality assets across major markets in the Asia Pacific region, which are supported by strong long-term macro and demographic prospects.”