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Keppel Capital JV to buy Shanghai's Yi Fang Tower for 4.6B yuan

Keppel Capital Holdings Pte. Ltd.'s Alpha Asia Macro Trends Fund III, Keppel Land China Ltd. and other investors signed a deal to buy the Yi Fang Tower mixed-use asset in the North Bund area in Shanghai for 4.6 billion yuan.

The Yi Fang Tower comprises two 18-story office buildings and a retail podium. It has approximately 74,400 square meters of total gross leasable area, including about 47,500 square meters of office space and roughly 26,900 square meters of retail area. The property also holds the Chinese Certification of Green Building.

The acquisition is expected to be completed in the second quarter, according to a release.

To carry out the acquisition, the Alpha Asia fund and Keppel Land China agreed to subscribe for respective stakes of 42.1% and 29.8% in North Bund Keppel Pte. Ltd. The remaining stake is set to be held by the co-investors.

The asset previously changed hands in September 2018, when North Bund Keppel signed a framework deal with Yi Fang Jing Yi Enterprise Management Co. Ltd. for the property acquisition.

The Alpha Asia fund is managed by Alpha Investment Partners Ltd., the private fund management division of Keppel Capital, which itself is a subsidiary of Keppel Corp. Ltd.

As of March 25, US$1 was equivalent to 6.71 yuan.