It is made up of two 18-storey towers and a retail podium.
Keppel Capital Holdings (Keppel Capital), through Alpha Asia Macro Trends Fund III (AAMTF III), Keppel Land China (Keppel Land China) and other co-investors, has entered a shareholders' agreement with North Bund Keppel for the proposed acquisition of Yi Fang Tower in Shanghai, China for a consideration of $925.99m (RMB4.6b), an announcement revealed.
Yi Fang Tower is a recently completed prime Grade A office and retail mixed-use development located in the North Bund area.Yi Fang Tower is made up of two 18-storey office towers and a retail podium. It has a total gross leasable area of about 74,400 sqm, comprising about 47,500 sqm of office space and about 26,900 sqm of retail space.
In September 2018, North Bund Keppel, which is a wholly-owned subsidiary of AAMTF III, had entered into a framework agreement with Yi Fang Jing Yi Enterprise Management Co. to acquire Yi Fang Tower.
Under the agreement, AAMTF III and Keppel Land China will subscribe for 42.1% and 29.8% stakes in North Bund Keppel respectively, whilst the remaining stake in North Bund Keppel will be held by the other co-investors. AAMTF III is managed by Alpha Investment Partners (Alpha), the private fund management arm of Keppel Capital.
“It is in line with our strategy to grow our commercial portfolio in China, with a focus on first-tier cities such as Shanghai. We are confident that the well-located and highly accessible property will meet the rising demand for prime office and retail space in the fast-developing North Bund area,” Ben Lee, Keppel Land China’s president, said in a statement. He also revealed that this marked the third time Keppel Land is collaborating with Keppel Capital to invest in properties in Shanghai,
The acquisition is expected to be completed in Q2 2019.
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