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CDL China, a wholly-owned subsidiary of City Developments Limited (CDL), has entered into an equity transfer agreement to acquire a prime Shanghai commercial project for 900 million yuan (S$186 million).
The acquisition will be made through the purchase of the entire equity stake in Shanghai Meidao Investment Co., which owns the commercial development known as Meidao Business Plaza (pictured) in Shanghai’s fast-developing Hongqiao CBD.
With a total gross floor area of approximately 32,300 sq m, Meidao Business Plaza comprises five nine-storey office towers and two levels of basement carpark with around 351 lots. The development is in its final stages of construction and is set to be completed in the second half of this year.
A LEED (Leadership in Energy and Environmental Design) Gold Award development, Meidao Business Plaza also contains a sky garden atop all five towers.
Mark Yip, CEO of CDL China, said the acquisition is part of the company’s strategic diversification strategy.
“Adding to our portfolio in China, this is a rare opportunity to acquire a soon-to-be-completed commercial project in Shanghai that will further enhance our recurring income streams.”
Looking ahead, he revealed that CDL “will continue to seek suitable investment opportunities to grow our presence in China”.
Image source: CDL
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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