A subsidiary of Keppel Corp, Keppel Land China has acquired a commercial property in Shanghai Pudong New District in China for 493 million yuan (S$96.4 million ). The property is located in the core area of Zhangjiang Hi-Tech Park, a premier business park in Shanghai’s Pudong New District.
As mentioned in the article by The Strait Times, the vacated property will undergo enhancing and upgrading works to meet new market needs upon completion of the acquisition, expected by the fourth quarter of this year
A share sale and purchase (SPA) agreement will be used for completing the acquisition process, the one that Keppel Land China has inked several wholly-owned subsidiaries of The9 Limited in China which collectively own the property.
The acquisition is Keppel Corp’s third property investment in China for September, after buying another completed commercial property in Beijing’s Haidan district for around 178.6 million yuan and a 30 per cent stake in Win Up Global (WUG), which will ultimately own Westmin Plaza, an office and retail development in Guangzhou for HK$141.4 million (S$24.8 million).
Keppel Land China will continue our strategy to grow our commercial portfolio in China, with a focus on first-tier cities such as Shanghai.
Ben Lee, president of Keppel Land China