Keppel Land acquires commercial building in Beijing

Keppel Land China, a subsidiary of Singapore’s Keppel Land, has entered an agreement to secure a completed commercial building in Beijing for RMB555m (€79.6m).

The asset, in Haidian District, known as the Chinese capital’s ‘silicon district’, is currently held by Beijing Chang Sheng Business Consulting, a wholly-owned subsidiary of A Li Yun Shan (Beijing) Business Consulting.

Under the terms of the agreement with the parent company, A Li Yun Shan, Keppel Land China acquires 100% of Beijing Chang Sheng Business Consulting, giving it ownership rights to the nine-storey commercial building, which comes with two floors of retail space.

Ben Lee, president of Keppel Land China, said: “The acquisition is in line with our strategy to grow our commercial portfolio in China, with a focus on first-tier cities.”

Lee said it was “opportune” to be able to secure a completed asset with almost full occupancy in a city where the supply of quality commercial developments is limited.

The transaction is due to be completed in the first quarter of this year.

Tags

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2546

    Asset class: Real Estate Equity Fund (non listed).
    Asset region: Europe.
    Size: Total CHF 600m, approx. CHF 100-300m per fund investment.
    Closing date: 2019-06-28.

Begin Your Search Now