Keppel Corp mulls acquisition of retail mall in Shanghai
It is for a total consideration of $102m.
With its ongoing strategy to seize opportunities in key Chinese Cities, Keppel Corporation Ltd. is planning to snap up a newly-completed retail development in Jiading District, Shanghai.
The retail development will be acquired by Keppel's subsidiary, Keppel Land China Ltd., for a total consideration of $102 million (RMB 500m).
The development, which is a mixed-use site comprising of offices, shops, and residential towers, has a gross floor area of 40,927 sqm.
Keppel Land CEP Ang Wee Gee said the acquisition will follow the divestment of Life Hub at Jinqiao. He said the acquisition will be part of the strategy of recycling capital to seek highest returns.
"We will leverage our expertise, network and retail management capabilities to enhance the value offerings to this community mall in the upcoming Jiading New City Core Area, where several new residential and commercial projects are coming up," Ang explained.
The acquisition is slated to be completed in 1Q17.