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CapitaLand's fund in JV with GIC to acquire Shanghai property for S$2.54B

Janet Ong
·Finance Editor
A security guard walks on the bund in front of the financial district of Pudong in Shanghai, China
A security guard walks on the bund in front of the financial district of Pudong in Shanghai, China

CapitaLand, through an investment fund, is forming a 50:50 venture with GIC to buy Shanghai’s tallest twin towers for 12.8 billion yuan (S$2.54 billion).

The property, currently under development in Hongkou district, will be CapitaLand’s third Raffles City integrated development in Shanghai, or its ninth in China, according to a statement on its website on Tuesday (13 November).

CapitaLand owns 41.7 per cent of Raffles City China Investment Partners III, with the remaining stakes in the investment fund held by investors from Asia, North America and the Middle East.

Sitting on a 4.05-hectare site along Huangpu River in North Bund, the development has a total gross floor area (excluding car park) of 312,717 square metres. It comprises two 50-storey premium Grade A office towers linked by a seven-storey shopping mall. The development is directly linked to Line 12 and upcoming Line 19, two major metro lines.

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Standing at 263 metres, the towers offer 270-degree panoramic views of Shanghai Bund and Lujiazui CBD on both sides of Huangpu River. The development has achieved structural completion and is expected to open in phases from the second half of 2019.

Including this latest acquisition, CapitaLand now owns or manages 20 commercial properties in Shanghai that span over 1.8 million sq m in GFA, of which eight are integrated developments with office and retail components.

CapitaLand has divested so far this year close to S$2 billion worth of assets in China, which included the divestment of a group of companies that held 20 non-core retail assets.