K. WAH CENTER

  • 37-story office building developed in 2005 on the renowned Huaihai Middle Road in Shanghai.
  • One of the few international class A office properties in central Puxi, one of Shanghai’s most premium districts.
  • APL acquired a 30% equity stake in this property, contrary to its strategy of only making investments with control positions. This was made possible because the 30% stake came with stronger-than-usual minority protections, identified by APL early in the due diligence process.

Strengths / Highlights

  • APL recognized that in-place rents at the time of acquisition were significantly below market and worked with the co-owner to achieve a significant increase in rents.
  • APL guided an onshore loan restructuring to enhance distributions to shareholders.
  • Project was divested in February 2010.

Acquisition / Disposition Date

September 2007 / February 2010

Location

Shanghai, China

Property Type

Office

Property Size

73,100 sqm