Gaw Capital acquires Beijing's Pacific Century Place

The 169,900 square-meter asset comprises of two towers of offices, two towers of serviced apartments and a shopping mall. It is located in Beijing's Sanlitun area.

According to a filing, Pacific Century plans to use the proceeds from the sale to repay HK$1.5 billion of loans and redeem HK$2.42 billion ($312 million) of convertible notes that will mature in May.

PCCW-HKT Partners - a unit of PCCW - holds the notes and may convert all or part of the debt into Pacific Century shares. PCCW may consider selling some of its Pacific Century shares to increase the company's public float, while maintaining its majority stake.

"This is a rare opportunity to be able to acquire such a large cash flow asset in a prime and irreplaceable area in Beijing. We believe this type of asset will continue to outperform," said Kenneth Gaw, president and co-founder of Gaw Capital Partners. "Its diverse cash flow stream with retail, office, and residential elements provides excellent downside protection."

Gaw Capital - which targets real estate markets in Greater China and other high barrier-to-entry markets globally - claims to have raised equity in excess of $3.8 billion since 2005 and has around $ 8.5 billion in assets under management including residential developments, retail centers, hotels and commercial properties.

The GP manages four real estate funds focusing on Greater China and the Asia Pacific region, while its US subsidiary provides services for separate account direct investment and private equity real estate fund management in the US and UK markets.

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• Topics
• Greater China
• Real estate
• Real estate
• China
• Gaw Capital Partners
• Real estate