Stories
Suntec Place Sanlin
01 The Deal
| Address | No. 1058 Yongtai Road, Pudong New Area, Shanghai, China |
|---|---|
| Property type | Retail |
| GFA (sqm) | 83,074 sqm |
| Seller | Shenzhen Cinve Real Estate, SCPG (Vanke Group) |
| Buyer | ARA Asset Management |
| Deal Structure | Onshore Equity Deal |
02 The Challenge
The project was formerly known as the Sanlin Commercial Plaza. For some time its operation was not fully optimized. In 2017, Vanke's SCPG Group and Shenzhen Cinve Real Estate acquired the project and closed it for renovation. In October 2018, Sanlin InCity officially reopened after upgrading, improving the traffic flow, installing a sunken plaza and introducing a number of brands, including those new to the district or the Shanghai market.
03 The Solution
Past this reopening, Cushman & Wakefield were appointed to sell the asset. On exchange at the end of 2019, the purchaser commented that as the mall is "nearing the end of its first lease cycle, the mall presents an attractive opportunity for a seasoned operator to upgrade the tenant profile and capitalize on positive rental reversions, as well as implement asset enhancement /repositioning plans."
04 The Result
CEO of ARA Private Funds, Mr. David Kim, said: "Suntec Place Sanlin presents a great opportunity for ARA to showcase our strong investor-operator track record. We have studied the property and are ready to execute our asset enhancement and repositioning plans upon completion of the deal. We are confident that following the enhancements, we will be able to bring about significant value-add to both our investors and the wider Sanlin community."
Meet the team
WE’RE ON HAND TO HELP
Contact us to discuss how our experience on this project could be translated to your business requirements.
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