JLL Promotes Investment in Shanghai’s Parkside Plaza at Changfeng
A classic example of a large-scale shopping mall equity transacton carried out through an open market transacton.
At the end of 2016, Spring Wisdom Ltd, a wholly-owned subsidiary of Joy City Real Estate (HK00207), officially completed the acquisition of 100% equity interest in Parkside Plaza at Changfeng. Located in Changfeng Ecological Business Park in Shanghai’s Putuo district, Parkside Plaza opened in December 2011. It is a mixed-use shopping mall which includes fashion, F&B, entertainment, lifestyle and family experience areas. With a total construction area of approximately 120,000 square meters, the property consists of five floors above ground and two basement levels
The seller in this transaction was an investment group led by the Grosvenor Vega China Retail Fund managed by the international private real estate group Grosvenor. As the joint sole sales representative appointed by the seller, JLL’s East China Capital Markets team used public promotion to attract a buyer, Joy City Real Estate, as well as successfully facilitating a deal which saw them acquire 100% of Gain Success Ltd. For Joy City Real Estate, the deal highlights its recent market-based capital operations and the success of its light asset management model. At the same time, this is another transaction in which JLL has assisted a Chinese company with commercial real estate investment. It also serves as a classic example of a large-scale shopping mall equity transaction carried out through an open market transaction.
As a representative of Grosvenor emphasized: “We were very impressed by the professionalism and efficiency of JLL's Capital Markets team during this transaction.”