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Mapletree Greater China Commercial Trust (MGCCT) has acquired a premium-quality business park in Shanghai for an estimated property purchase price of 1.84 billion yuan (S$401.8 million), according to the company’s SGX filing Monday (15 June).
This marks MGCCT’s maiden acquisition since its listing.
The trust entered into a conditional sale and purchase agreement to buy the entirety of Glamour II —firm holds the 100 percent stake in China Orient Limited, which in turn owns Shanghai Zhan Xiang Real Estate Company Limited, the property’s registered owner.
Located in Zhangjiang Hi-tech Park, known as Shanghai’s “Silicon Valley” falling into its Free Trade Zone, Sandhill Plaza features a 20-storey tower, seven three-storey buildings and two basement level parking lots capable of accommodating 460 vehicles.
The development has a gross floor area of 83,801.48 sq m. It was completed in 2012 and occupies an industrial land with a 50-year leasehold tenure commencing on 4 February 2010.
Artist’s impression of Sandhill. (Source: Colliers Internationall, MGCCT)
As of 31 March 2015, 96.2 percent of its space is occupied by 58 tenants, such as ADI, Axalta, Borouge, Broadcom, Disney, Spreadtrum, Univar and Wincor Nixdorf.
Situated at 2290 Zuchongzhi Road in Pudong New Area, Sandhill Plaza is within a 30-minute drive from Puxi’s city centre, Pudong International Airport and Lujiazui Central Business District. It is also within 500-metres from Metro Line 2 Guanglan Road Station.
“With its good location, quality building specifications, high occupancy rate, strong tenancy profile, and attractive rental growth opportunity within a strong rental market, the acquisition of Sandhill Plaza is in line with MGCCT’s strategy to invest in best-in-class real estate assets for commercial purposes in the Greater China region,” MGCCT Management CEO Cindy Chow said.
Image: Sandhill Plaza (Source: MGCCT)
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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