LaSalle Investment Management has acquired an office building from a Singapore-based fund managed by Alpha Investment Partners for an undisclosed sum.
The vendor, Alpha Asia Macro Trends Fund II, bought the Shanghai International Plaza asset in 2014 for about $133m (€109m) with the aim of repositioning property to attract quality and more diversified tenants.
The 24-storey property with a total gross floor area of 56,000sqm is a mixed-use office and retail building located in Sichuan North Road precinct.
LaSalle said today the asset will go into LaSalle Asia Opportunity V, the fifth of LaSalle’s series of closed-end, pan-Asia opportunistic funds.
Mark Gabbay, CEO and CIO – Asia Pacific, LaSalle, said: “Our experienced team is well-placed to implement our opportunistic strategy and reposition the building in this prime location.”