- Arcadis Hong Kong conducted Technical and Environmental Due Diligence on Cityplaza One, a 21-storey Grade-A office Tower which connects to the Cityplaza mall, part of the Taikoo Shing development in Quarry Bay.
- The service reflects an ongoing commitment to ensuring the quality of property transactions, validating asset condition and compliance, and supporting Gaw Capital’s ambition to continue the evolution of Hong Kong Island’s Eastern District.
Arcadis was commissioned by real estate private equity firm Gaw Capital Partners to conduct a Technical Due Diligence on Cityplaza One, ahead of acquisition from Swire Pacific and Swire Properties, one of Hong Kong’s largest owners of offices and shopping centres. The transaction completed recently was led by the Gaw Capital and their consortium partners Schroders Pamfleet, at a reported agreed purchase price at HK$9.845 billion (US$1.27 billion).
Arcadis’ role was to conduct a full Technical Due Diligence review on Cityplaza One, which additionally covered Environmental Due Diligence and a Capital Expenditure forecast. Our due diligence exercise focused on the assessment of the existing building condition, compliance, and the ongoing management considerations for the continuing operation of this A-grade commercial office asset.
Cityplaza One is home to many financial institutions, insurance companies and multinational corporations as well as forming part of the Taikoo Shing business district including CityPlaza shopping mall and Tai Koo MTR station.
Dominic Eade, Director at Arcadis, commented, “We are pleased to be working again with the Gaw Capital team as their technical advisers for this important asset transaction, providing our knowledge and previous experience in delivering similar services. I’m happy to see our team facilitated their investment strategy so that they are well informed of the assets physical condition, quality and compliance with any associated technical risks, before entering into an agreement to acquire.”
Gaw Capital announced the purchase on 9 November with Chairman and Managing Principal, Goodwin Gaw explaining that Cityplaza would be a strong addition to their property portfolio in the Island East area and that the company will continue to contribute to the evolution of the district as an alternative CBD of Hong Kong island.
For more information on Arcadis’ business advisory capabilities, click here.About Arcadis
Arcadis is the leading global Design & Consultancy for natural and built assets. Applying our deep market sector insights and collective design, consultancy, engineering, project and management services we work in partnership with our clients to deliver exceptional and sustainable outcomes throughout the lifecycle of their natural and built assets. We are 28,000 people, active in over 70 countries that generate €3.5 billion in revenues. We support UN-Habitat with knowledge and expertise to improve the quality of life in rapidly growing cities around the world. www.arcadis.com