On 3 February 2021, Shui On Land completed the acquisition of Nanjing IFC through a joint venture set up with Grosvenor Asia Pacific Limited. The project consists of a 45-storey Grade-A office tower, a seven-storey retail podium and 181 underground parking lots.
Over the last decade, Nanjing has demonstrated strong growth, underpinned by a diversified industrial base, excellent universities, a highly skilled labour force and structural integration with the wider Yangtze River Delta region. Nanjing IFC is a landmark building prominently located at Xinjiekou, Nanjing’s most vibrant commercial area. The area is known as “China’s First Commercial District (中華第一商圈)” and is a popular retail and social destination, attracting a large volume of visitors from all over China.
The office building of Nanjing IFC is occupied by a diverse mix of high-quality tenants, including MetLife, AIA, KFC, MSD, Roche, Sinokorea Life, BoehringerIngelheim and Pramerica Fosun. Together with Grosvenor Asia Pacific, we plan to further enhance the value of the property by upgrading the office tower and repositioning the retail podium in order to benefit more broadly from Nanjing’s strong consumption and retail demand.