DLA Piper acts on skyscraper sale in Shanghai

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DLA Piper advised the Carlyle Asia Real Estate team on the sale of Central Plaza office tower in Shanghai to V Capital, the private equity arm of Chinese real estate developer Vanke.
Central Plaza is a grade-A office tower in Shanghai’s central business district Huangpu, next to the Shanghai Municipal Government and many other landmark buildings.  It has a total gross floor area in excess of 47,200 square metres.
Financial details of the deal were undisclosed, but a report from China Daily valued the deal at 2.38 billion yuan (about $457.38 million).
Wayne Ma, Shanghai Real Estate partner of DLA Piper, who led this transaction says: “We are pleased to be able to support the Carlyle Asia Real Estate team on this transaction, which demonstrates the capability of DLA Piper’s Real Estate team in orchestrating complex acquisitions and disposals and facilitating negotiations of real estate deals.”
Wayne Ma was supported by senior associates Julian Zhu and Janice Yau Garton, and associate May Liu on this transaction.
According to China Daily, the commercial real estate sector in China was active in the week ending 1 November with 70 billion yuan (about $13.45 billion) aggregate value of deals recorded, unlike the “sluggish” residential real estate sector.

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