SINGAPORE (Oct 27): ARA Asset Management on Wednesday closed its Harmony VI fund which will be used to invest up to RMB 20 billion ($4.1 billion) in Century Link, a brand new integrated commercial development in Shanghai, in what is being touted as “ARA’s largest single-asset property transaction in Asia Pacific region this year”.

Following the announcement, DBS Group Research is maintaining its “buy” call on ARA with a target price of $1.76, adding that the transaction is a positive catalyst for ARA’s share price, which currently trades at 15 times FY17 earnings.

Century Link is currently owned by Cheung Kong and is a 362,000 sqm mixed-use development with two prime Grade A office towers, a six-storey retail podium and a 1,275 space carpark.

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