CapitaLand in acquisition and divestment of Shanghai office buildings valued at $851 mil

SINGAPORE (June 1): CapitaLand says it has agreed to buy Guozheng Center, a newly completed office development in Yangpu District, Shanghai, China, for RMB2.64 billion ($535 million).

Based on total gross floor area (GFA) of 80,701 sqm, the price translates to an investment of RMB32,713 ($6,628) per sqm.

CapitaLand will also be divesting Innov Tower, an eight-year-old office building located in Shanghai's Xuhui District, to an unrelated party at RMB1.56 billion ($316 million).

---

Related Stories

• CICT's manager proposes to acquire ION Orchard at $1.85 billion, subject to EGM
• CapitaLand unveils 10 finalists of its global sustainability innovation challenge
• CapitaLand's $1.37 bil 'Geneo' redevelopment to help rejuvenate 40-year-old Singapore Science Park

---