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Ascendas-Singbridge has once again partnered with Mitsui & Co to jointly own and operate two office buildings in Shanghai.
The two companies previously worked together for the development of Galaxis and redevelopment of 79 Robinson Road in Singapore, as well as the development of Nusajaya Tech Park in Malaysia.
Under the latest 55:45 partnership, the two parties will collaborate to develop and upgrade Ascendas Innovation Place (AIP) and Ascendas Plaza (AP), as well as work closely together in other areas like leasing and investments.
AIP has a total gross floor area of 24,883 sq m. Following a series of refurbishment works, the building “now combines Ascendas-Singbridge Group’s flexible workspace offering, thebridge, with conventional office spaces”.
AP, on the other hand, is a 27-storey Grade A office building with a gross floor area of 44,003 sq m. Serving as Ascendas-Singbridge Group’s headquarters for its China operations, the property is currently undergoing refurbishment, which is expected to be completed by Q2 2019.
“Ascendas-Singbridge Group and Mitsui share many similarities in our investment and operational philosophy in the real estate sector,” said Ascendas-Singbridge chief investment officer He Jihong.
With their “complementary strengths, extensive regional knowledge and combined expertise”, the two companies will continue to build on their successful track record within the Asian market, she noted.
Kain Matsumoto, general manager of the real estate business division at Mitsui & Co, believes that the new project would “add significant value to the development of Shanghai”.
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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