Partnering with Frasers Property to expand the long-term rental market, Tishman Speyer accelerates its layout in Shanghai.

Tishman Speyer officially announced its entry into Shanghai's high-end apartment market.

On April 25, Tishman Speyer announced the acquisition of a 20-story hotel project from Pengxin Group in the core area of Wujiaochang, Shanghai, and plans to convert the original hotel into approximately 300 units of new long-term rental apartments.

Data shows that the assets involved in this transaction are actually the Shanghai Wujiaochang Holiday Inn Express and a 2-story parking lot, with a total area of 34,279 square meters. The hotel is currently closed.

The deal between Tishman Speyer and Pengxin was first seen in January of this year. At that time, Runtong International Holdings, a Hong Kong-listed subsidiary of Pengxin Group, announced its intention to sell 75% of the actual equity of the related properties (Shanghai Wujiaochang Holiday Inn Express and parking lot) of Yifu Business Plaza for 360 million yuan. The buyer was Shanghai Jingyaoting Hotel Co., Ltd., a subsidiary of Tishman Speyer Group.

After the transaction is completed, Tishman Speyer Group will hold 75% of the hotel's equity, while the remaining 25% will still be held by Runtong International.

It now appears that the transaction has been successfully completed. At the same time, Tishman Speyer's renovation plan for the hotel has also surfaced.

Expanding into the Long-Term Rental Apartment Sector

It is reported that Tishman Speyer will deeply renovate the apartment section from the 2nd to the 20th floor of the hotel, providing rental units of different types, including studios, one-bedroom, and two-bedroom apartments, with upgraded bathrooms and new kitchens.

In addition to the apartment unit renovations, Tishman Speyer will also upgrade the lower section of the property as a whole, redesigning the main entrance, renovating the lobby space, and adding a series of 配套设施， including a gym, all-day dining restaurant, and various multifunctional spaces. The building's facade and external landscape will also be comprehensively upgraded.

According to the 既定计划， the project is expected to complete renovations and officially operate in the second quarter of 2025. Tishman Speyer further revealed that the project will employ Singapore-based serviced apartment operator Frasers Hospitality to provide operational services.

According to previously 公开信息， the hotel will be transformed into a serviced apartment under the brand "Modena by Fraser." Modena by Fraser is a lifestyle serviced apartment brand under Frasers Hospitality Group, emphasizing personalization, design, and lifestyle, targeting young people who pursue 时尚个性。

Frasers Hospitality Group is 隶属于新加坡星狮地产集团， one of the world's largest serviced apartment management companies, with multiple apartment brands. It has developed over 120 properties in more than 70 cities across North Asia, Southeast Asia, Australia, Europe, and the Middle East. Currently, it operates four apartments in China, located in Shanghai, Suzhou, Wuxi, and Wuhan.

Among them, the operational project in Shanghai is the Shanghai Pinzun Fraser Suites boutique hotel apartment, located in Changfeng Park, Putuo District, with 370 stylish apartments. The Shanghai Wujiaochang hotel project will be the second serviced apartment project developed by Frasers in Shanghai.

This is the second rental asset jointly acquired by Tishman Speyer and Frasers Hospitality in China.

In May 2023, Tishman Speyer and Frasers Hospitality formed a joint venture to acquire high-end rental apartment assets in Shenzhen for the first time.

It is reported that the Shenzhen property is a 325-unit serviced apartment in 华润置地深圳深润大厦， with an overall acquisition price of 717 million yuan. The long-term rental apartment project will be managed and branded by Frasers Hospitality and is expected to be completed and opened in the fourth quarter of 2024.

Subsequently, Tishman Speyer and Frasers Hospitality officially launched their expansion plan in China's high-end rental apartment market, finalizing the 落地 of the Shanghai Wujiaochang project just six months later.

If we trace further back, Tishman Speyer and Frasers Hospitality had already engaged in China's high-end apartment market as early as 2021. This transaction successfully expanded Tishman Speyer's footprint in China's rental 住宅 market.

At that time, Tishman Speyer was seeking opportunities to return to core first-tier markets such as Beijing and Shanghai. In March 2021, Tishman Speyer spent 2.1 billion yuan to acquire the Beijing Fraser Suites from Frasers Hospitality, later transforming it into the 高端公寓项目金桐拾贰， which was officially launched for sale in November of the same year. This also became one of Tishman Speyer's most notable investments in China that year.

Now, the launch of the new long-term rental apartment project in Shanghai will undoubtedly further enrich Tishman Speyer's residential platform investment 布局. It is understood that since its first investment in a residential project in 1989, Tishman Speyer has developed over 25,000 rental apartments and residential units in markets such as China, the U.S., Brazil, and Europe. Currently, Tishman Speyer has 8,900 residential projects 待开发。

It is reported that in the past year alone, Tishman Speyer has built three new residential projects, totaling 1,100 residential units, with approximately 2,300 rental units in the pipeline across multiple mixed-use projects.

Tishman Speyer's Deepening Presence in Shanghai

Recently, Tishman Speyer has been 频繁 active in Shanghai.

Just this March, Tishman Speyer completed a 签约 with Diaoyutai MGM Hospitality Group. According to the 合作协议， the Mirage by MGM hotel will 入驻 the Twin Towers B 座 of the 尚浦领世综合体，计划于 2027 年开业。据介绍， the Mirage by MGM hotel will have 18 floors, with 205 luxury 客房，一流的会议活动空间，顶级健身设施， and other 高端配套。

The 尚浦领世综合体 is one of Tishman Speyer's 当前重点打造的标志性资产之一. The project was originally the Shanghai "land king"新江湾城 F 地块， acquired by Tishman Speyer in 2008, which 当时宣称要建设其在中国"最大规模城市综合体."

In 2011, Tishman Speyer partnered with Shanghai Chengtou Holdings to officially launch the "尚浦领世" development.

Data shows that the 尚浦领世 project has a total above-ground 建筑面积 of 900,230 square meters, including Grade A office buildings, high-quality 住宅，星级酒店，餐饮零售， and 文娱设施，配备公共绿地， gardens，游乐场地， and 户外开放空间。

It is understood that between 2014 and 2019, Tishman Speyer developed 10 office buildings in phases, with a total above-ground 建筑面积 of 200,000 square meters, attracting companies such as Nike and Henkel. In 2021, Tishman Speyer successfully sold another four 在建 office buildings to ByteDance Group as its regional headquarters.

Now, 13 years later，尚浦领世 is approaching the 尾声 of its construction and development. The 云际尚浦双子塔 AXIOM 云际尚浦 project is the last 板块 to be developed. Among them, the 280-meter-high Twin Towers A 座 was completed in 2023, while the 250-meter-high Twin Towers B 座 is expected to be completed in 2025.

It is worth mentioning that the Shanghai Wujiaochang long-term rental apartment project is adjacent to Tishman Speyer's 尚浦领世综合体 in Shanghai, with only a short 车程 distance between them. It is possible that the two will collaborate more in the future to jointly promote project operations and development.

As the 尚浦领世综合体逐步落成， Tishman Speyer is also accelerating the construction of another 综合体项目 in Shanghai—the 长宁晶耀虹桥. The project has a total 建筑面积 of approximately 250,000 square meters, commenced construction in January 2023, and is 计划于 2025 年落成。

In fact, Tishman Speyer's investment portfolio is diverse, covering 住宅， long-term rental apartments, high-end office and commercial spaces, industrial logistics, and 综合体项目， as well as the development of 生命科学园区。

This investment portfolio 布局 is also reflected in Shanghai. On October 14, 2023, Tishman Speyer signed a 战略合作协议 with the Pudong New Area, deciding to introduce the Breakthrough project in Zhangjiang to build a world-class 生命科学园区。

It is understood that there are currently 14 Tishman Speyer Breakthrough projects globally, with 10 in the U.S., 3 in Europe, and the Shanghai Zhangjiang project being the only one outside Europe and the U.S. Previously, Singapore, South Korea, Japan, Australia, India, and Brazil had extended 橄榄枝 to Tishman Speyer, but ultimately, the Breakthrough project chose Shanghai Zhangjiang.

Data shows that the Zhangjiang 生命科学园区 has a total 建筑面积 of 160,000 square meters，接近哈佛生命科学园区的总体量. It will be developed in two phases, featuring modern laboratories, office spaces, infrastructure, and commercial spaces. According to recent news, the project is 计划于今年开工。

Clearly, Tishman Speyer has embarked on another round of long-term investment in Shanghai, and it is possible that there will be more 落地 actions in the future.

On the other hand, this also 不难看出这家外资企业对中国不动产市场持续发展的看好. Tishman Speyer CEO 徐瑞柏 also stated, "We are committed to working with China to 共同发展 in the next 50 or even 100 years."