Real estate giant CapitaLand has partnered Singapore’s sovereign wealth fund GIC to acquire Shanghai’s tallest twin towers for an aggregate consideration of RMB12.8 billion (S$2.54 billion).
In a statement, CapitaLand said it had formed the 50:50 joint venture with GIC through its investment fund Raffles City China Investment Partners III (RCCIP III).
Currently under development in Hongkou District, the towers will become CapitaLand’s third Raffles City integrated development in Shanghai, and ninth in China. The company has a total of 10 such developments globally.
CapitaLand holds a 41.7 per cent stake in RCCIP III, with the remaining interests held by investors from Asia, North America and the Middle East.
The development sits on a 4.05-hectare site along Huangpu River in Shanghai’s North Bund, and has a total gross floor area of 312,717 sqm, excluding the carpark.
The two 50-storey towers contain premium Grade A office space, and are linked at the base by a seven-storey shopping mall.
The development is directly linked to two major metro lines with the highest number of interchange stations in the city.
Standing at 263 metres, the towers offer 270-degree panoramic views of Shanghai Bund and Lujiazui CBD on both sides of Huangpu River, CapitaLand said.
It is scheduled to open in phases from the second half of 2019.