pacific century place, beijing
background
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the vendor, pacific century premium development limited, a hong kong-listed company, was looking for an interested party to take up its entire interest in pacific century place, a 169,900 sq m mixed-use property located in beijing, which boasted two office towers, two serviced apartment blocks and a shopping center
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the cushman & wakefield investment & advisory team had assisted the vendor with two other sales before and due to the successful track record, the vendor sought cushman & wakefield's assistance in the sale of pacific century place.
challenges
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despite the team spent on due diligence and negotiation with different interested parties since 2008, for various reasons these investors fell through due to factors beyond the client's and cushman & wakefield's control
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this was a highly sought-after building in beijing, thus cushman & wakefield's competitors also introduced other parties to the vendor.
results
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with every set-back, the cushman & wakefield team took the opportunity to gain an even deeper understanding of the property
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using its extensive network of contacts, market knowledge, as well as unmatched understanding of the property, cushman & wakefield persisted and kept marketing to ultimately indentify the appropriate buyer, gaw capital, and closed the deal at a record lump sum of usd 928 million
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crm with both parties also played a significant part in our success as cushman & wakefield proved to the clients its capabilities through actual action, not just words.
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this marks the third deal and the seventh deal cushman & wakefield investment china did for pcpd and gaw capital
