(USAFCW, December 30) – Oceanwide Holdings announced that Tohigh Property Investment, LLC (wholly-owned by Oceanwide Holdings (HK) in Delaware) acquired the First & Mission project in San Francisco, in further the company’s expansion in the United States real estate market, improve the company’s asset portfolio, and diversify the company’s operating risk. Tohigh Property signed an agreement on acquiring the project from First & Mission’s owner, FMOWNER LLC, for USD 296 million in November 2014.
The First & Mission project is reported to be located in the southern part of San Francisco’s financial district. The projects covers a land area of about 5,069 square meters, with total building area of about 218,300 square meters (pending entitlements). Two tower buildings, integrating apartments, hotels, office buildings and commerce use, will be built and one of them, with height of about 260 meters, will be the second tallest in San Francisco.
With this foreign investment, Oceanwide Holdings announced that the company is actively implementing their overseas investment strategy, in order to compete in the international marketplace. The first step of Oceanwide’s oversea investment strategy was to expand in Los Angeles. Oceanwide acquired Los Angeles Fig Central project through its wholly-owned Tohigh Property Investment, LLC. in December 2013.
The acquisition of the First & Mission project is the second step of Oceanwide’s U.S. expansion in the real estate market. Due to San Francisco’s commercial office space development quota , strict entitlement process and short supply in San Francisco, this project has huge potential in the lease and sales markets.
Oceanwide pointed out that the main First & Mission project will be the second tallest landmark development in the heart of San Francisco. This investment will significantly improve the reputation of the company and its overseas investments while positively strengthening the overseas operations and increasing its influence in overseas capital assets markets.
*This is a translation of original Chinese text published in mainland China media.