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Tishman Speyer, a leading global real estate developer and investor, has announced the closing of the first RMB Fund by a foreign developer. The firm raised 1.2 billion RMB solely from Chinese investors and will invest it in the development of a prime site in Suzhou. The project will consist of two towers totaling 114,300 square meters (1.23 million square feet), featuring both commercial office and retail space along with luxury residences.
Hwabao Trust, a leading trust company in China, is a cornerstone LP investor in the fund. Noah Holdings Limited (NYSE: NOAH) serves as the fund’s exclusive financial advisor.
The project site is located in the Suzhou Industrial Park (“SIP”), in Suzhou’s central business district on the west bank of Golden Rooster Lake. It consists of two parcels straddling Suhua Road that will have direct access to a major subway line that began operation earlier this week.
The buildings will be constructed according to LEED Gold criteria and the office space will be marketed primarily to prominent multinational and domestic companies, as Tishman Speyer has done successfully in its developments throughout the world.
“The establishment of this fund is a watershed event in the evolution of China’s capital markets,” commented Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer. “In addition, the ongoing economic growth in the immediate region and the local infrastructure improvements that are underway make this a very good time to develop superior-quality properties to serve the needs of world-class tenants. We look forward to adding a landmark to the superb SIP master plan.”
About Tishman Speyer (www.tishmanspeyer.com)
Tishman Speyer is one of the leading developers, owners, operators, and asset managers of first class real estate worldwide. Active across North America, Europe, South America, and Asia, Tishman Speyer is relied upon by many of the world's most prestigious corporations to meet their office space needs. Since its founding in 1978, the firm has acquired, developed and/or managed a portfolio of over 119 million sq. ft. valued at over USD $57.8 billion. Signature assets include New York's Rockefeller Center and the Chrysler Center, Sao Paulo's Torre Norte, Ventura Corporate Towers in Rio de Janeiro, and the TaunusTurm project now under construction in Frankfurt. In China, Tishman Speyer already has projects at different stages of development in Shanghai, Chengdu and Tianjin.