AllBright Advises Shanghai Binjiang on Tishman Speyer’s Acquisition of Qiantan Real Estate Project2013-09-182395
At the end of July 2013, leading US commercial developer Tishman Speyer, via a domestic REIF arm, successfully acquired a 35 percent stake in a commercial project in Shanghai’s Qianhan area, the city’s new financial hub, through the Shanghai United Assets and Equity Exchange. AllBright advised the stake seller, Shanghai Binjiang International Tourism and Resort (“Shanghai Binjiang”), a subsidiary of Shanghai Lujiazui, on the transaction that required more than six months and included many transaction documents during negotiations between the seller and purchasers. The move represents a win-win alliance between Tishman Speyer and Shanghai Lujiazui.
The commercial real estate project will accommodate Class A offices, upscale retail offerings and waterfront residential apartments. Its total investment is projected to total RMB 12 billion (US$1.97 billion) with a land area of 74,695 square meters and a floor area of 357,423 square meters.
Qiantan is located in Pudong, south of the Shanghai Expo site along the Huangpu River. The city planned to foster this area into a world-class CBD and a key driver for the future economic growth of Pudong. The master plan covers 2.83 square kilometers.
AllBright advised Shanghai Binjiang on the project. The AllBright team on the project was comprised of partners Judith Yang and William Yang and associates Johnny Sui and Cissy Chen. AllBright became Shanghai Binjiang’s general legal adviser beginning in 2012.