Blackstone buys Shanghai office and mall project from Singapore’s Mapletree Investments
US investment firm Blackstone buys Shangai office and mall project from Singapore’s Mallette Invesment. Company paid for US$1.25 billion.
Experts say the deal is the most profitable sales in China’s commercial real estate sector. The shopping mall is located in the southwestern region of Minhang.
Office asset area 270.000sgm.
This investment is not the company’s first investment in China. The company bought 12 shopping centers from China on December 12.
Zhang Ping, executive director at the International Federation of Finance and Real Estate, said that this was a good deal for Blackstone.
She added “The headline price of 32,000 yuan per square metre is lower than the 35,000 yuan average office price in Minhang district. Blackstone typically buys at a discount.”
Sevdenur Demir / realestatecoulisse.com
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