LaSalle fund sells logistics site in Chengdu aviation hub
April 22 2014 - LaSalle is pleased to announce that on behalf of LaSalle Asia Opportunity Fund III, it has agreed to sell its 100% shareholding interest in a logistics warehousing property in Chengdu, Sichuan province, to Ping An Real Estate.
LaSalle Investment Management (“LaSalle”), a leading global real estate investment manager, is pleased to announce that on behalf of LaSalle Asia Opportunity Fund III, it has agreed to sell its 100% shareholding interest in a logistics warehousing property in Chengdu, Sichuan province, to Ping An Real Estate.
Ping An Real Estate is a subsidiary of Ping An Insurance (Group). Focused on tier-one and tier-two cities in China, Ping An Real Estate has a diversified real estate portfolio, primarily including offices, retirement communities, mixed-use developments, industrial and logistic facilities.
Located in the Chengdu International Aviation Hub, 3 km southeast of Shuangliu International Airport, the property’s six warehouses and one office building have a total gross floor area of 90,000sqm, and five of the completed warehouses are nearly fully occupied. The site is ideally located to serve as a distribution hub for Chengdu and the surrounding area, with convenient road links to Chengdu city centre and Tianfu New City, as well as nearby Metro Line 10, which is scheduled to open in 2016.
Eric Au, Regional Director, LaSalle, commented, “The divestment of this logistics site in Chengdu comes at a time when there is abundant tenant demand for modern logistics infrastructure in China driven by the country’s growth in domestic consumption, changes in consumption patterns, and the evolution of the consumer market. LaSalle has demonstrated its ability to identify an attractive market sector and enhance returns through a targeted opportunistic strategy.”
“The property has attracted several major tenants since LaSalle acquired it in 2009, providing them with Grade A warehousing space within easy access of Chengdu Airport, the fourth largest aviation hub in mainland China.”
LaSalle Asia Opportunity Fund III was launched in 2007 and raised a total of USD 3 billion. It is the third in a line of successful opportunity funds launched by LaSalle focused on developed Asia, including China, Japan, Korea, Hong Kong and Singapore.