BeijingDiamondPlazainZhongguancun
ACRAssetManagementhasreeledinoneofJapan’sbiggestdevelopers,MitsubishiEstate,toinvestinabuildinginBeijing’sZhongguancunarearecentlyacquiredbytheGLP-backedrealestatefundmanager.ACR,foundedbyformerCushmanWakefieldgreaterChinaCEOEdwardCheung,announcedinaWeChatpostrecentlythatMitsubishiEstateistakinganequitystakeinBeijingDiamondPlaza,whichtheShanghai-basedfirmhadacquiredinMay.“It’sagreatpleasuretoco-investintheBeijingDiamondPlazaprojectwithMitsubishiEstate,”Cheungsaidinthepost.“Thiscooperationprovesthatourbusinessparkinvestmentstrategyhaswoninternationalinvestors’recognition.ItiswithourutmostexcitementthatwejoinhandswithourpartnertoexplorefutureopportunitiesintheChinesemarket.”MingtiandiunderstandstheDiamondPlazastakesalerepresentstheinitialdealunderaco-investmentplatformbetweenMitsubishiEstateandACR,whichisbackedbylogisticsdeveloperturnedcross-sectorfundmanagerGLP.ClosetoParityLocatedintheShangdiareaofBeijing’sHaidiandistrictDiamondPlazasitsneartheheadofficesandglobalRDcentresofsomeofChina’sbest-knownITgroups,includingtheglobalheadquartersofinternetgiantBaiduacrossthestreet.EdwardCheungofACRshakesonthedealwithhisnewpartnerfromMitsubishiEstate
ACRacquiredthe22,squaremetre(,squarefoot)buildinginZhongguancunSoftwareParkfromprivateequityfirmSino-OceanCapitalforanundisclosedamount.The
