CapitaLand acquires 70% stake in Shanghai development for S$397.5m

CapitaLand has acquired a 70-per cent stake in a mixed-use development in Shanghai for S$397.5 million.

In a statement, the property firm said its wholly-owned business unit CapitaLand China bought a 70-per cent stake in Shanghai Guang Chuan Property Co Ltd, a unit of Shanghai Shentong Metro Assets Management (Shentong Assets).

Shentong Assets is responsible for the development and asset management of properties above the group’s metro stations or along the metro lines in Shanghai.

The acquisition gives CapitaLand control over the project in Shanghai’s Zhabei District, which will be developed into a mixed development comprising residential, office and retail components.

The 25,427-square-metre (sqm) site has a total gross floor area (GFA) of around 110,000 sqm.

CapitaLand said offices and shops will account for 74,945 sqm of gross floor area, while residential units will make up 30,096 sqm.

The site is a 15-minute drive from Shanghai’s central business district and sits above an interchange station for metro lines 1, 12 and 13.

The project will commence in 2015 and is expected to be completed by 2017.

Source : Channel NewsAsia – 18 June 2013

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