trending Market Intelligence /marketintelligence/en/news-insights/trending/j0ZT1A4br-8lj3j0fNzlvw2 content esgSubNav
In This List

CapitaLand strikes 838M yuan deal to acquire Shanghai commercial site

Video

S&P Capital IQ Pro | Powering Your Edge

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Enterprises are missing out on 24B by not optimizing cloud spending not going multicloud


CapitaLand strikes 838M yuan deal to acquire Shanghai commercial site

CapitaLand Ltd. is expanding its Shanghai portfolio with the planned acquisition of a commercial site adjacent to its Innov Center in the Yangpu District for 838 million Chinese yuan in cash.

Under the terms of a conditional agreement, CapitaLand unit Shanghai Zhong Da Industry Development Co. Ltd. will acquire property owner Shanghai Mingchang Properties Ltd., which will become a 100%-owned unit of CapitaLand upon the deal's closing, set to occur in January 2018.

CapitaLand intends to develop the site into a grade A office with a total gross floor area of 37,765 square meters, to make it the only new grade A office supply in the Wujiaochang decentralized business district when it is completed in 2020, according to a release. Groundbreaking is scheduled for early 2018.

CapitaLand estimates that the total investment for the new office, including land cost, will be approximately 1.3 billion yuan on a completed basis.

Including the new office, the company owns/manages 19 commercial properties in Shanghai.

As of Dec. 18, US$1 was equivalent to about 6.62 Chinese yuan.