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CapitaLand unit buying Shanghai office asset for 2.64B yuan

CapitaLand Ltd. unit CapitaLand China agreed to acquire the Guozheng Center office development in Shanghai's Yangpu District for 2.64 billion yuan.

The newly built complex features three office towers and has a total gross floor area of 80,701 square meters. One of the towers, spanning 18,000 square meters, is fully leased.

The company is also divesting the Innov Tower office asset in Shanghai's Xuhui District for 1.56 billion yuan. The property spans a total gross floor area of 40,445 square meters.

Both deals are expected to complete in June.

As of May 31, US$1 was equivalent to 6.82 Chinese yuan.