Reinforcing our strategy in China
In December, we acquired a 50% interest in Nanjing IFC, a Grade A office and retail property in Nanjing via our joint venture with Shui On Land, a leading property developer in China.
Located in Xinjiekou, Nanjing’s most renowned commercial address, the property consists of a 45-storey office tower above a seven-storey retail podium, which sits atop one of the city’s major subway interchanges.
By investment value, this is the largest commitment Grosvenor Asia Pacific has made in mainland China to date. The investment further reinforces our strategy for the China market, which is joint venture-based and targets the Yangtze River Delta and the Greater Bay Area regions. With sustainability as our core goal, the environmental upgrades we plan for this marquee asset will also benefit the Xinjiekou district. It also adds a substantial income generating asset to our portfolio.