Capitaland launches funds for office assets in Shanghai
Capitaland, a Singapore-based company, launched an value-added fund to invest in commercial real estate in Asia.
Capitaland has seeded acquired stake in a 34-storey office tower in Shanghai. CapitaLand said it has partnered an unrelated third party in a 50-50 joint venture to acquire 70% of Pufa Tower in Shanghai for RMB2.75bn (€351m).
Lucas Loh, CapitaLand Group president for China and investment management, said the property is a prime asset to be seeded into the [new] commercial value-add fund.
“We see significant potential in enhancing its asset value by upgrading specifications, tenant mix and improving operational efficiencies,“ he said.
Sevenur Demir / realestatecoulisse.com