The firms will oversee the development and upgrading of both buildings.
Urban development company Ascendas-Singbridge Group inked a deal with Japanese investment firm Mitsui to jointly own and operate Ascendas Innovation Place and Ascendas Plaza in Shanghai.
The firms will work on the development and upgrading of both buildings, along with other aspects such as investments and leasing.
Ascendas Plaza will serve as headquarters of the group in China and is currently undergoing refurbishment works that is expected to be completed by Q2 2019. Meanwhile, Ascendas Innovation Place will feature a mixed flexible and conventional office building. It recently opened in November 2018.
“We are pleased to enter into this new partnership with Mitsui, which will position us well to capture the growing demand for modern, quality workspaces in China. Ascendas-Singbridge Group and Mitsui share many similarities in our investment and operational philosophy in real estate sector,” said He Jihong, chief investment officer of Ascendas-Singbridge Group.
This latest foray marks the first collaboration between both companies in China, and their fourth joint project in Asia.
Photo credit: Ascendas-Singbridge Group website
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