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Report: Blackstone pays US$1.3B for Shanghai office, mall project


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Report: Blackstone pays US$1.3B for Shanghai office, mall project

Investment giant Blackstone Group LP purchased five office blocks and a mall in Shanghai from Singapore's Mapletree Investments Pte Ltd. for approximately US$1.25 billion, marking one of the largest property transactions in the city, the South China Morning Post reported, citing two unnamed sources close to the deal.

The Mapletree Business City Shanghai and VivoCity Shanghai office and retail complex spans 270,000 square meters in the southwestern district of Minhang.

The five-story VivoCity Shanghai mall will be rebranded as Westlink and is expected to be completed in the first quarter of 2019, the publication added, citing one of the sources.

Blackstone and Mapletree were unavailable for comment, according to the report.