Phoenix Property Investors, a private equity real estate investment group in Asia Pacific, has entered into partnership with Shenzhen-listed Financial Street Holdings to further expand its China portfolio.
In the company's latest move to consolidate its footprint in Shanghai, Phoenix Property has acquired four Grade-A office buildings in the city's downtown Jing'an District from the Beijing-based developer for an undisclosed amount.
The buildings in the north square of Shanghai Railway Station have a total gross floor area of around 70,000 square meters and are scheduled to be delivered by the first quarter of 2020, according to Gao Liang, chairman of Financial Street Holdings Co Ltd.
The buildings are part of the first phase of a 490,000-square-meter, landmark mixed-use development by Financial Street. Mainly consisting of premium offices and upscale retail space, the two-phase project is set to be completed by the third quarter of 2021.
"The Chinese mainland has remained a core market for Phoenix Property," said Samuel Chu, the company's managing partner and chief investment officer. "Hopefully, we will continue to increase our investment in the Chinese mainland which currently accounts for about 15 percent of our total portfolio."
Phoenix Property's domestic portfolio also includes Crystal Galleria, a shopping mall near Jing'an Temple, two office projects in Minhang District, as well as a residential development in Beijing.
A single purchase
