SUZHOU, CHINA-Tishman Speyer has closed a $190 million fund for the development of a 1.2-million-square-foot mixed-use property here. Tishman will be the developer, and Hwaboa Trust, a trust company in China, is a cornerstone investor in the fund.
The two-tower-project will feature both commercial office and retail space, along with high-priced multifamily units. The project site is at the Suzhou Industrial Park in the city’s CBD, along the west bank of Golden Rooster Lake, connected to a new major subway line.
A Tishman spokesman tells GlobeSt.com that this is the first time such a fund has been raised with all Chinese investors by a non-Chinese developer (Tishman). “The establishment of this fund is a watershed event in the evolution of China’s capital markets,” said Tishman co-CEOs Jerry Speyer and Rob Speyer in a statement.
More project details, including a rendering, are not yet available, the spokesman said. Noah Holdings Ltd. serves as the fund’s exclusive financial advisor.
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