SOHO China Limited, a Chinese commercial property developer, announced on August 9th that it had acquired a 60,000 sqm project in Shanghai’s Pudong district for RMB 1.89 billion. The acquisition of Jiarui International Plaza which was closed on August 5, is SOHO China’s ninth acquisition in Shanghai and its first acquisition in Pudong.
The office building, the construction of which is nearly completed. will be renamed “SOHO Century Avenue” and occupies a site area of 6,299.74 square meters with a total construction area of 60,517.12 square meters. SOHO Century Avenue will have above ground GFA of 44,016.24 square meters over 24 floors. The project will also have 16, 500.88 square meters of underground GFA.
SOHO China acquired the entire project except for the 24th floor affording a sellable GFA of 42, 972.12 square meters.
SOHO Century Avenue is situated in the Zhuyuan business district of Pudong, Shanghai close to the Lujiazui financial district. The project is located approximately 400 meters north of the Shanghai Securities Exchange.
The acquisition of SOHO Century Avenue, marks the SOHO’s ninth acquisition in Shanghai since SOHO China entered the Shanghai market on August 18, 2009 with the acquisition of The Exchange-SOHO in Jing’An district. The company has rapidly extended its reach through to Nanjing West Road, the Bund, Hongqiao transportation hub, Huaihai Middle Road, Changshou Road, Sichuan North Road, Xujiahui and Pudong, spending in excess of RMB 19 billion in the process.
Since April 1 of this year SOHO China spent RMB 10.7 billion in Shanghai acquiring five projects namely Caojiadu Land, Hailun Station Land, SOHO Zhongshan Plaza, Sichuan North Road Station Land, and SOHO Century Avenue as it rapidly approaches its stated annual acquisition target of RMB 15 billion.
On June 23, SOHO China raised an international syndicated loan of USD 605 million and has indicated that it now has RMB 10 billion cash in hand, and will continue its quest for further acquisitions.
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