Commercial property manager Ascendas has announced that its China Commercial Fund has bought a building in Shanghai. Ascendas did not disclose the price it paid, citing a non-disclosure agreement. It only said that, with the acquisition of Cross Tower, the $800 million fund was fully-invested
Cross Tower joins two other properties in prime business areas acquired by the fund: Ascendas Plaza at Xu Jia Hui and Ascendas Ocean Towers near People’s Square.
Cross Tower, a 24-storey Grade A commercial building, is located within the Huangpu central business district, only a block away from the famous Bund. It has a lettable area of 42,000 square metres and is leased to a mix of tenants. These include Sino Life Insurance, AXA-Minmetals Assurance, sportswear leader New Balance and one of Shanghai’s most popular restaurant, M1NT.
Following the acquisition, Cross Tower will be rebranded, Ascendas said.
Source : Today – 7 Sep 2010