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Capital is in place for Hongkou investment
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CAPITALAND, one of Asia’s largest real estate developers, has acquired what will be Shanghai’s tallest twin towers, in conjunction with Singapore’s sovereign wealth fund GIC, for 12.8 billion yuan (US$1.84 billion).
To facilitate the acquisition, CapitaLand has formed a 50-50 joint venture with GIC through Raffles City China Investment Partners III, which it owns a 41.7 percent stake in, with the remaining held by investors from Asia, North America and the Middle East.
Located in the city’s Hongkou District the under-development Raffles City North Bund comprises two 50-story, 263-meter premium Grade A office towers linked at the base by a seven-story shopping mall.
The 312,717-square-meter project, scheduled to open in phases from the second half of 2019, will become the third Raffles City integrated development in Shanghai, the ninth in China and the 10th globally.
“CapitaLand remains the foreign developer with the largest portfolio under management in Shanghai, a strong market with the depth to support our third Raffles City integrated development,” said Lee Chee Koon, president and group CEO of CapitaLand.
“In line with our strategy, we will stay invested through market cycles to reap the compounding effects of our investments.”
Including this latest acquisition, CapitaLand now owns and manages 20 commercial properties in Shanghai that span over 1.8 million square meters in gross floor area, of which eight are integrated developments with office and retail components.
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