Category Archives: News

Sika makes binding offer to acquire Parex

Combining two “growth engines”, highly complementary in product offering and channel penetration

Sika has made a binding offer to acquire Parex from its current owner CVC Fund V. Parex is a leading manufacturer of mortar solutions including facade mortars, tile adhesives, waterproofing, and technical mortars. In 2018 the company generated sales of CHF 1.2 billion and an expected EBITDA of around CHF 195 million. With its expertise in mortar solutions for renovation and new builds, Parex participates in all phases of the construction life cycle. Parex has a particularly strong presence in distribution channels, combining recognised brands with R&D expertise and technical excellence. It is locally present in 23 countries with key positions in 8 core geographies and operates 74 plants around the world.

Paul Schuler, CEO of Sika: “Parex is an excellent company with well recognised brands and an impressive performance track record. The businesses of Parex and Sika are highly complementary. Using Parex technologies as a growth platform in all our 101 countries and cross-selling of our products to the well established distribution channels of Parex will generate great profitable growth. Parex’s excellent facade business can be leveraged in the entire Sika world. We warmly welcome all employees of Parex to the Sika Family. We look forward to working with the Parex team and we are excited about expanding our joint business operations.”

Eric Bergé, CEO of Parex: “Under CVC Fund V’s ownership, the Parex team has delivered a very strong performance, growing sales from EUR 750 million in 2013 to over EUR 1 billion. Over this 5-year period, Parex entered 3 new countries and opened 16 new plants, added 11 bolt-on acquisitions, and built a new international R&D center. Sika represents a great platform to continue to deliver on Parex’s ambitious growth plan and the combination creates new exciting opportunities in terms of offering new solutions to our customers and continuing our geographic expansion. I would like to thank our sponsor, CVC Capital Partners, our teams across the world, and our customers for their trust and support in these past five years, and we look forward to working with Sika in the future.”

With this acquisition Sika will further strengthen its leading position in construction chemicals and industrial adhesives and will reach sales in excess of CHF 8 billion. It will deepen and widen Sika’s growth platform. Its mortar business, which is a key growth technology for the group and one of its important earning contributors, will more than double in size to CHF 2.3 billion. Parex’s strong position in distribution channels will open up new business opportunities for Sika’s product range. Parex will gain access to Sika’s well established direct sales channels and Parex’s expertise in the facade and tile setting business will allow Sika to participate in these growing and attractive market fields.

Financial Parameters

Annual synergies are expected to be in the range of CHF 80-100 million. Purchase price represents a 11.3x EV / pro forma EBITDA 19E multiple which will come down to less than 8.5x EV/EBITDA, including full run-rate synergies. The acquisition is value enhancing to Sika shareholders and is expected to be accretive to Sika’s earnings per share from the first full year post closing. The financing of the transaction is secured by a bridge loan facility committed by UBS and Citi. Sika remains committed to maintaining a strong investment grade credit rating and intends to put in place a long-term funding structure comprising a combination of cash-on-hand, bank loans, and capital market instruments.

The acquisition is implemented in various steps. The parties have signed an exclusive binding offer. The completion of the transaction is subject to French works council consultation process and regulatory approvals and is expected in Q2/Q3 2019.

 

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InfraRed Capital Partners and Progressum reach agreement regarding 1.5GW solar photovoltaic in Spain

InfraRed Capital Partners

InfraRed Capital Partners (“InfraRed”) has signed a sale and purchase agreement with Progressum Energy Developments (“Progressum”) to acquire a 1.5GW subsidy-free, solar photovoltaic portfolio in Spain, known as Giralda. The portfolio is being developed by Progressum, part of the Bester Group, and comprises a number of utility-scale plants located in the regions of Andalusia and Castile La Mancha in Southern Spain.

Progressum’s CEO, Marco Antonio Macías, has commented “InfraRed and Progressum are long term partners and have a track reccord of collaborating to successfully deliver solar parks in Mexico. We are excited about this agreement, as it will open up a new dimension to the development, construction,  operation and maintenance activities of the Bester Group in Spain. We look forward to developing and building the Giralda portfolio which, once operational, will make an important contribution to the provision of clean and affordable energy in Spain.”

Dulce Mendonça, Investment Director and transaction lead for InfraRed, said: “We are delighted to be partnering with Progressum on the Giralda portfolio. Spain benefits from excellent natural conditions for solar deployment in a non-subsidised environment, and with this acquisition we aim to combine a large-scale investment opportunity with our financing and PPA structuring expertise in sustainable energy.”

This is the seventh investment of InfraRed Infrastructure Fund V – a 12-year term OECD focused development infrastructure fund with US$1.2bn of committed capital and a mandate to invest in three main areas: (i) transportation, economic and social infrastructure, (ii) renewable and sustainable energy generation and (iii) energy supporting infrastructure.

 

Enquiries

Tulchan Communications
+44 (0) 20 7353 4200
David Allchurch
Toby Bates

More Information

InfraRed Capital Partners Limited (InfraRed)

InfraRed Capital Partners is a leading global investment manager focused on infrastructure and real estate. It operates worldwide from offices in London, Hong Kong, New York, Seoul and Sydney. With around 130 professionals it manages in excess of US$10bn of equity capital in multiple private and listed funds, primarily for institutional investors across the globe.

Since its inception, InfraRed has launched 17 funds, including two companies listed on the London Stock Exchange: HICL Infrastructure Company Limited and The Renewables Infrastructure Group (TRIG), both of which are members of the FTSE 250. To date, InfraRed has realised six funds, demonstrating its ability to create real value for its stakeholders.

InfraRed has been investing in the Infrastructure market for over 20 years and is one of world’s largest managers of social and transportation infrastructure projects. InfraRed has evolved its business from principally managing PPP projects at its inception to a diversified and international investment business, with around 80 infrastructure investment professionals, managing over 200 investments in PPP projects, renewable energy, regulated and economic infrastructure businesses.

InfraRed implements best-in-class practices to underpin asset management and investment decisions, promotes ethical behaviour and has established community engagement initiatives to support good causes in the wider community. InfraRed is a signatory of the Principles of Responsible Investment and its infrastructure business has been awarded the highest rating.

Further details can be found on InfraRed’s website, www.ircp.com.

 

About Progressum

Progressum is an international company dedicated to the development of renewable energy projects, part of the Bester Group. The company was set up in 2012 to promote sustainable development and better lives for current and future generations.

Progressum is present various markets including Mexico, Spain and UK, among other.

The company has more than 3000 MW ready-to-build: PV projects in Mexico and Spain. And it is developing a solar photovoltaic portfolio in other continents, with the intention of generating clean energy worldwide.

Further details can be in https://bester.energy/en/

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The Carlyle Group’s Metropolitan Real Estate Closes Latest Secondaries Program, Raising $1.2 Billion

Carlyle

Secondaries Offer Exposure to Seasoned Investments with Shortened Holding Periods

These Defensive Characteristics Resonate with Investors Late in the Economic Cycle

New York, NY – Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announced it has closed Metropolitan Real Estate’s Secondaries Program II, raising $1.2 billion and exceeding its $750 million target. The program invests in the real estate secondaries market globally, providing liquidity to investors in private equity funds and other partnership structures. Program II builds on Metropolitan Real Estate’s secondaries investment strategy dating back to 2002 and its first dedicated secondaries program, which launched in 2014.

Sarah Schwarzschild, Head of Secondaries at Metropolitan, said, “Secondaries offer exposure to seasoned real estate investments with a shortened holding period. These defensive characteristics, among others, are resonating with our investors late in the economic cycle. As the secondary market continues to grow, we remain focused on acquiring high quality assets with capable partners at attractive valuations for our investors.”

Lauren Dillard, Head of Carlyle Investment Solutions, said, “Strong investor interest in this program is a testament to the team, their proven investment strategy and the depth of the opportunity. We are grateful for the support of our returning and new investors and will work hard to create value for them.”

Metropolitan Real Estate is a multi-manager real estate private equity investment platform that is part of Carlyle’s Investment Solutions business. The platform encompasses primary fund investments, direct property co-investments and secondaries, creating multiple and complementary ways for Metropolitan to invest with its partners.

Metropolitan’s secondary investment strategy benefits from its deep market relationships and foundation of over 225 existing fund investments. Program II has already closed five investments spanning the U.S., Europe and Asia in all major property types.

Metropolitan has a global team that comprises more than 40 people in the U.S., Europe and Asia. It is led by an investment committee averaging more than 25 years of industry experience. Metropolitan manages global real estate commingled funds and separate accounts comprised of primaries, secondaries and co-investments.

* * * * *

Contact:

The Carlyle Group
Liz Gill: +1 (202) 729-5385
Elizabeth.gill@carlyle.com

* * * * *

About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $212 billion of assets under management across 339 investment vehicles as of September 30, 2018. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,625 people in 31 offices across six continents.

Web: www.carlyle.com
Videos: www.youtube.com/onecarlyle
Tweets: www.twitter.com/onecarlyle
Podcasts: www.carlyle.com/about-carlyle/market-commentary

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Triton V close at €5bn strengthens Triton’s presence in the European PE mid-market

Triton

Luxembourg, 9 January 2019 – Triton, the international investment firm, announces that Triton Fund V (“Triton V”) has successfully closed at €5 billion – at the hard cap, surpassing the €4 billion target. The closing took place in December 2018.

Triton V received commitments from returning and new LPs made up of a diversified range of institutional blue-chip investors including pension funds, insurance companies and sovereign wealth funds. The Triton V investor base is geographically diversified across Europe, North America and Asia. Triton V will continue the ‘all weather’ mid-market private equity investment strategy and will seek to generate value in the geographies in which Triton has strong local knowledge, such as the Nordics, Germany, Austria, Switzerland, Spain, Italy, France, UK and Benelux.

Peder Prahl, Director of the General Partner for the fund said: “I would like to thank all of our returning and new investors for their support and trust. Through Triton V, we will continue to invest in companies with the potential to create sustainable, long-term value through changing economic cycles in the industrial, business services, consumer and health sectors. We will use our experience and expertise to work with the boards and management teams to build better businesses.”

About Triton
Since its establishment in 1997, Triton has sponsored nine funds, focusing on businesses in the industrial, business services, consumer and health sectors.

The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe.

Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth. The 38 companies currently in Triton’s portfolio have combined sales of around €13.1 billion and around 85,000 employees.

*The foregoing should in no way be treated as any form of offer or solicitation to subscribe for or make any commitments for or in respect of any securities or other interests or to engage in any other transaction.

Press Contacts:
Marcus Brans
Phone: +49 69 921 02204

Categories: News

Sika makes binding offer to acquire Parex

Combining two “growth engines”, highly complementary in product offering and channel penetration

Sika has made a binding offer to acquire Parex from its current owner CVC Fund V. Parex is a leading manufacturer of mortar solutions including facade mortars, tile adhesives, waterproofing, and technical mortars. In 2018 the company generated sales of CHF 1.2 billion and an expected EBITDA of around CHF 195 million. With its expertise in mortar solutions for renovation and new builds, Parex participates in all phases of the construction life cycle. Parex has a particularly strong presence in distribution channels, combining recognised brands with R&D expertise and technical excellence. It is locally present in 23 countries with key positions in 8 core geographies and operates 74 plants around the world.

Paul Schuler, CEO of Sika: “Parex is an excellent company with well recognised brands and an impressive performance track record. The businesses of Parex and Sika are highly complementary. Using Parex technologies as a growth platform in all our 101 countries and cross-selling of our products to the well established distribution channels of Parex will generate great profitable growth. Parex’s excellent facade business can be leveraged in the entire Sika world. We warmly welcome all employees of Parex to the Sika Family. We look forward to working with the Parex team and we are excited about expanding our joint business operations.”

Eric Bergé, CEO of Parex: “Under CVC Fund V’s ownership, the Parex team has delivered a very strong performance, growing sales from EUR 750 million in 2013 to over EUR 1 billion. Over this 5-year period, Parex entered 3 new countries and opened 16 new plants, added 11 bolt-on acquisitions, and built a new international R&D center. Sika represents a great platform to continue to deliver on Parex’s ambitious growth plan and the combination creates new exciting opportunities in terms of offering new solutions to our customers and continuing our geographic expansion. I would like to thank our sponsor, CVC Capital Partners, our teams across the world, and our customers for their trust and support in these past five years, and we look forward to working with Sika in the future.”

With this acquisition Sika will further strengthen its leading position in construction chemicals and industrial adhesives and will reach sales in excess of CHF 8 billion. It will deepen and widen Sika’s growth platform. Its mortar business, which is a key growth technology for the group and one of its important earning contributors, will more than double in size to CHF 2.3 billion. Parex’s strong position in distribution channels will open up new business opportunities for Sika’s product range. Parex will gain access to Sika’s well established direct sales channels and Parex’s expertise in the facade and tile setting business will allow Sika to participate in these growing and attractive market fields.

Financial Parameters

Annual synergies are expected to be in the range of CHF 80-100 million. Purchase price represents a 11.3x EV / pro forma EBITDA 19E multiple which will come down to less than 8.5x EV/EBITDA, including full run-rate synergies. The acquisition is value enhancing to Sika shareholders and is expected to be accretive to Sika’s earnings per share from the first full year post closing. The financing of the transaction is secured by a bridge loan facility committed by UBS and Citi. Sika remains committed to maintaining a strong investment grade credit rating and intends to put in place a long-term funding structure comprising a combination of cash-on-hand, bank loans, and capital market instruments.

The acquisition is implemented in various steps. The parties have signed an exclusive binding offer. The completion of the transaction is subject to French works council consultation process and regulatory approvals and is expected in Q2/Q3 2019.

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Baird Capital Portfolio Company, ParkWhiz, Rebrands as ‘Arrive’

Baird Capital

Baird Capital portfolio company, ParkWhiz, the nation’s largest on-demand parking app, has rebranded as Arrive.

Arrive powers the last-mile of connected and autonomous mobility. The company delivers scalable, friction-free parking experiences through apps, voice and in-dash. Its fully integrated platform makes it easy for companies and brands to offer parking as a solution for drivers, fleets and connected vehicles. Available across the U.S. and Canada, Arrive has developed innovative parking solutions for hundreds of distribution partners, including Amazon, Ford, Hyundai, XEVO, TomTom, Ticketmaster/Live Nation, Groupon, Madison Square Garden and many others.

For more information, please read Arrive’s news release.

Categories: News

AnaCap acquires structured investment from leading Italian bank

Anacap

AnaCap Financial Partners (“AnaCap”), the specialist European financial services private
equity firm, today announces a structured investment into a portfolio of SME loans from a
leading Italian bank with which AnaCap has a long-standing relationship across a broad
range of transactions.

With a face value of €4.0bn, the portfolio comprises a static, highly granular pool of
performing loans made to a mix of SME and corporate borrowers concentrated in the
more prosperous area of Northern Italy.
AnaCap was able to leverage its direct experience completing a similar investment from the
seller in its predecessor Credit Opportunities Fund as well as its extensive broader
investment track record in Italy and SME lending across Europe.
Italy remains a core focus for AnaCap’s credit strategy, having acquired more than €13bn
face value of performing and non-performing debt across 15 Italian transactions since
2012.

Konstantin Karchinov, Managing Director at AnaCap Financial Partners LLP, said:
“The successful completion of this investment in one of our core geographies
demonstrates our ability to continue to deploy capital at attractive risk-adjusted returns
through the cycle, even in markets attracting significant investor interest such as Italy.”
This investment also marks the initial investment for AnaCap’s fourth Credit
Opportunities Fund following a first close in November 2018.

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Sika makes binding offer to acquire Parex

Combining two “growth engines”, highly complementary in product offering and channel penetration

Sika has made a binding offer to acquire Parex from its current owner CVC Fund V. Parex is a leading manufacturer of mortar solutions including facade mortars, tile adhesives, waterproofing, and technical mortars. In 2018 the company generated sales of CHF 1.2 billion and an expected EBITDA of around CHF 195 million. With its expertise in mortar solutions for renovation and new builds, Parex participates in all phases of the construction life cycle. Parex has a particularly strong presence in distribution channels, combining recognised brands with R&D expertise and technical excellence. It is locally present in 23 countries with key positions in 8 core geographies and operates 74 plants around the world.

Paul Schuler, CEO of Sika: “Parex is an excellent company with well recognised brands and an impressive performance track record. The businesses of Parex and Sika are highly complementary. Using Parex technologies as a growth platform in all our 101 countries and cross-selling of our products to the well established distribution channels of Parex will generate great profitable growth. Parex’s excellent facade business can be leveraged in the entire Sika world. We warmly welcome all employees of Parex to the Sika Family. We look forward to working with the Parex team and we are excited about expanding our joint business operations.”

Eric Bergé, CEO of Parex: “Under CVC Fund V’s ownership, the Parex team has delivered a very strong performance, growing sales from EUR 750 million in 2013 to over EUR 1 billion. Over this 5-year period, Parex entered 3 new countries and opened 16 new plants, added 11 bolt-on acquisitions, and built a new international R&D center. Sika represents a great platform to continue to deliver on Parex’s ambitious growth plan and the combination creates new exciting opportunities in terms of offering new solutions to our customers and continuing our geographic expansion. I would like to thank our sponsor, CVC Capital Partners, our teams across the world, and our customers for their trust and support in these past five years, and we look forward to working with Sika in the future.”

With this acquisition Sika will further strengthen its leading position in construction chemicals and industrial adhesives and will reach sales in excess of CHF 8 billion. It will deepen and widen Sika’s growth platform. Its mortar business, which is a key growth technology for the group and one of its important earning contributors, will more than double in size to CHF 2.3 billion. Parex’s strong position in distribution channels will open up new business opportunities for Sika’s product range. Parex will gain access to Sika’s well established direct sales channels and Parex’s expertise in the facade and tile setting business will allow Sika to participate in these growing and attractive market fields.

Financial Parameters

Annual synergies are expected to be in the range of CHF 80-100 million. Purchase price represents a 11.3x EV / pro forma EBITDA 19E multiple which will come down to less than 8.5x EV/EBITDA, including full run-rate synergies. The acquisition is value enhancing to Sika shareholders and is expected to be accretive to Sika’s earnings per share from the first full year post closing. The financing of the transaction is secured by a bridge loan facility committed by UBS and Citi. Sika remains committed to maintaining a strong investment grade credit rating and intends to put in place a long-term funding structure comprising a combination of cash-on-hand, bank loans, and capital market instruments.

The acquisition is implemented in various steps. The parties have signed an exclusive binding offer. The completion of the transaction is subject to French works council consultation process and regulatory approvals and is expected in Q2/Q3 2019.

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Swedish expansion of airteam continues

Ratos

Ratos’s subsidiary airteam is continuing its expansion in Sweden through the acquisition of Creovent AB (Creovent) and Thorszelius Ventilation & Service AB (Thorszelius), leading installers of climate and ventilation solutions in the Stockholm and Uppsala regions.

airteam, a leading supplier of ventilation solutions in Denmark, is strengthening its market position in Sweden through the acquisition of Aurvandil AB, who owns the subsidiaries Creovent and Thorszelius. Together they have approximately 85 employees with offices in Stockholm and Uppsala. Pro forma sales in 2017 for both companies amounted to approximately SEK 235m and adjusted EBITA to SEK 24m. The companies offer efficient climate and ventilation solutions, including service and maintenance, to a customer base comprising property owners, construction companies and the public sector. This is airteam’s second acquisition in the Swedish market and its third bolt-on acquisition overall since Ratos became principal owner of the company in 2016.

“With the acquisition of Creovent and Thorszelius, airteam is continuing its strategic investments in Sweden, and together with the acquisition of Luftkontroll Energy in Örebro last year, airteam now has a strong market position in the expansive Mälardalen region. Creovent and Thorszelius are well-run companies with strong market positions in the Stockholm and Uppsala regions and have competent management teams, who will remain in their roles and be partners in the company moving forward. We welcome Creovent and Thorszelius to airteam and look forward with confidence to growing together in Sweden,” says Robin Molvin, Vice President of Ratos.

The acquisition is expected to be completed in the first quarter of 2019 and is being financed by airteam without any capital contribution from Ratos.

For further information, please contact:
Robin Molvin, Vice President, Ratos, +46 8 700 17 15
Helene Gustafsson, Head of IR and Press, Ratos, +46 8 700 17 98

About Ratos:
Ratos is an investment company that owns and develops unlisted medium-sized Nordic companies. Our goal as an active owner is to contribute to the long-term and sustainable business development in the companies we invest in and to make value-generating transactions. Ratos’s portfolio consists of 12 medium-sized Nordic companies and the largest segments in terms of sales are Construction, Industrials and Consumer goods/retail. Ratos is listed on Nasdaq Stockholm and has a total of approximately 12,300 employees.

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Gaw Capital Partners and Consortium Partners Acquire Four Premium Grade A Office Buildings (Block A, B, C & D) at Shanghai MixC

Gaw Capital

January 7, 2019, Shanghai – Real estate private equity firm Gaw Capital Partners and consortium partners announced that the firm, through a fund under its management, have acquired four premium Grade A office buildings (Block A, B, C, & D) at Shanghai MixC, 1799 Wuzhong Road in the Minhang District of Shanghai from China Resources Capital Management Ltd.

The project is comprised of four Grade A office blocks, with a total saleable GFA of 60,807 sqm (654,521 sq. ft.). Its office area consists of 56,950 sqm (613,005 sq. ft.) with 3,857 sqm (41,516 sq. ft.) of retail space. The project is situated in the greater Hongqiao area and is at the conjunction of three districts (Changning, Xuhui and Minhang), enjoying excellent transport links from its position on top of the Ziteng Road Metro Station on Metro Line 10 and a shuttle bus service to Hechuan Road Metro Station on Metro Line 9. The office buildings are in close proximity to important business districts, including Hongqiao, Caohejin, Qibao, Xinzhuang, Xujiahui, Zhongshan Park, Gubei and South Shanghai Railway Station, among others, with tenants enjoying the benefit of sophisticated commercial infrastructure at the properties. They are also adjacent to the city’s Korean community, which is an especially attractive location for Korean companies such as Samsung and LG, providing the properties with a strong potential tenant base.

With the development of the high-speed railway significantly reducing travel time, the project’s proximity to Hongqiao Railway Station makes it an ideal office location for companies that are headquartered in other Yangtze River Delta cities but plan to expand to Shanghai and to the rest of the country.

The project is next to Shanghai MixC mall, developed and run by China Resources Land, creating a strong synergy with the office buildings and provides advanced amenity support. The project will offer a diversified income stream with long-term rental and capital appreciation potential in a promising location that is very attractive for office tenants.

Shanghai government has initiated a wide range of policies to facilitate the development of decentralized areas, which in turn stimulates office demand. With tenants looking to move away from central areas in recent years, and thanks to its great accessibility and mature business environment, we are confident that the office buildings will be attractive for tenants that would like an alternative to the high rents in Shanghai’s CBD area.

Humbert Pang, Managing Principal and Head of China for Gaw Capital Partners, said: “Followed by our previous acquisition of SKY SOHO in April 2018, Gaw Capital is confident in acquiring four premium Grade A office  buildings (Block A, B, C & D) at Shanghai MixC, which presents an excellent opportunity to capture the growth opportunities arising from the Shanghai Hongqiao Transportation Hub. With the China International Import Expo (CIIE), the world’s first import-themed national level expo, and Hongqiao International Trade Forum, being held at National Exhibition and Convention Center (Shanghai) in Hongqiao Central Business District, it brings more vibrant commercial activities in the area.”

He added, “The current existing tenancy structure and tenancy mix could be further optimized and upgraded to achieve better overall rental performance. Gaw Capital will enhance the building’s quality and image by applying its unique approach to asset management to provide a better working environment and attract more tenants.”

Gaw Capital’s asset management team will also look to enhance the property through adding innovations to the common areas such as the entrance, lobby and lift lobby, and reshuffling the signage and advertising space so as to enhance its rental performance.

Gaw Capital has over 13 years of experience investing in and/or turning around commercial properties in Greater China, including Hong Kong. The firm successfully transformed and repositioned properties such as 133 Wai Yip Street in Hong Kong, a former 12-storey industrial building turned creative office space; Sky Bridge HQ, a mixed-use project located in the heart of Linkong Economic Park in Shanghai; Pacific Century Place in Beijing, a 170,000 sqm (1.8 million sq. ft.) renovated mixed-use commercial property with two office towers and two serviced apartment blocks on a retail podium; Cross Tower in Shanghai, a 22-storey office with a two-storey retail podium; Ciro’s Plaza in Shanghai, a mixed-use property with a 39-storey office building and a 28,000 sqm (302,000 sq. ft.) retail mall; Plaza 353 in Shanghai, a 40,000 sqm (430,000 sq. ft.) renovated mall with historical heritage status; Popark Plaza in Guangzhou, a 92,400 sqm (994,000 sq. ft.) retail mall connected to the Guangzhou East Railway Station, with high-speed trains to Shenzhen and Hong Kong, and access to two major subway lines; and Metropolitan Plaza in Guangzhou, a 88,800 sqm (956,000 sq. ft.) mall located above two subway lines.

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