International real estate adviser Savills has acted as sole agent, on behalf of CMP Group, in the sale of Asiaworld Building to Fubon Life Assurance Co. Ltd. for NT$10 billion (211.2 million). To date, this is the largest investment transaction concluded in Taiwan in 2009.
Asiaworld Building is located in the core area of Taipei City at the intersection of Nanking E. Road and Dunhua N. Road. The scheme comprises retail and office uses totaling 12,830 ping (42,400 m²) and includes tenants such as Hermes, Agnes B, Diesel, Max Mara, Folie Folie and Aveda.
Gordon Kao, Director & Deputy General Manager of Savills Taiwan, says: "Asiaworld Shopping Mall is the most well known retail development in Taipei City and was one of the pioneer projects when the department store concept emerged within the city during the 1970s."
Randall Hall, CEO of Savills Greater China, adds: "This is a major achievement for Savills, especially during the current economic environment. We are proud to have provided the client with the expertise to achieve this successful result. This also reinforces Savills' position as the leading consultant in the Taiwan market. I would like to congratulate Cynthia Chu and her team for their efforts, which have resulted in this landmark investment deal."
"This latest transaction is extremely encouraging for Savills' team and we will keep moving forward", said Cynthia Chu. "Breaking away from the financial crisis, I am confident that the second half of 2009 will be very successful for Savills."
Source: Savills
