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.