SOHO China agrees to sell Sky SOHO in Shanghai to Gaw Capital Partners

SOHO China agrees to sell Sky SOHO project in Shanghai to Gaw Capital Partners, real estate private equity firm, according to separate statements by both companies.

The framework agreement for the 2.95 billion yuan (US$448 million) sale was determined after negotiations between the two parties based on  Sky SOHO's asset value of 5.008 billion yuan, SOHO China said in a filing to the Hong Kong stock exchange. The agreed value of Sky SOHO at 5.008 billion yuan is 85 percent higher than the project's total cost as of June 30, according to SOHO China.

A development located at Hongqiao Linkong Economic Zone and designed by world-famous architect Zaha Hadid, Sky SOHO consists of office and commercial space totalling 128,175 square meters in gross floor area.

Managing assets of US$13 billion as of the second quarter of 2017, Gaw Capital's Shanghai portfolio also includes Plaza 353, Ciro's Plaza and Cross Tower.

On June 26, SOHO China announced the sale of Hongkou SOHO, a 90,000-square-meter mixed-use office and retail complex in the city's Sichuan Road N. commercial precinct, for nearly 3.6 billion yuan to a group of buyers that includes Keppel Land China Ltd.