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Jones Lang LaSalle facilitated Guangzhou’s largest shopping mall transaction
Guangzhou, 7 May 2012 – Everbright Mall, located in Guangzhou’s Haizhu District, owned by China Overseas was recently sold to Pramerica Real Estate Investors for USD 318 million.
“The historic deal was concluded after more than one year of negotiations,” said Jex Ng, Managing Director at Jones Lang LaSalle Guangzhou and Shenzhen. “It is the largest retail mall transaction ever recorded in Guangzhou as well as the city’s first investment acquisition of commercial real estate by foreign institutional investor,”Ng added.
“Along with the steady growth of China's economy as well as the increasing consumption power, people have higher expectation on shopping malls, those high quality and well managed projects with international operation practices could cater for the market demand. ” said John Wong, Vice President at Pramerica Real Estate Investors, “Guangzhou is one of China's three major cities, with its mature commercial atmosphere and healthy social development, the investment environment is quite suitable for investors who have long term commitments to China’s developments.” Wong added.
According to Jones Lang LaSalle’s research, foreign investors’ interests in China’s commercial real estate markets have been increasingly strong over the past two years. “This transaction reinforces the positive outlook of Guangzhou’s retail sector,” noted Tom Liu, Head of Investment at Jones Lang Salle Guangzhou. “We believe the investment market is still in its infancy, Guangzhou will continue to attract more foreign investors into its fast-growing commercial real estate sector,” Liu added.
Located in Guangzhou’s bustling Haizhu District, with a total GFA of 100,000 sqm, Everbright Mall serves approximately 300,000 local residents. It comprises high-end retail space as well as a supermarket, a cinema, restaurants and a variety of domestic and international fashion brands. The five-story project provides convenient access to its adjacent residential developments, two metro lines and Gongye Avenue. Jones Lang LaSalle is also appointed as the Sole Leasing Agent and Retail Asset Manager of Everbright Mall.
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