CapitaLand to sell Shanghai property; earmarks 2nd property for sale

Singapore

CAPITALAND is targeting to divest two Shanghai office properties and inject them into its maiden discretionary real estate equity fund, CapitaLand Asia Partners I (CAP I).

It has agreed to sell its interest in companies that own Innov Center, which consists of three office buildings and a two-storey retail podium with a total gross floor area (GFA) of 80,701 square metres (sq m), at a price that takes into account an agreed property value of 3.1 billion yuan (about S$621 million).

The sale of Innov Center, located in the decentralised central business district (CBD) of Wujiao-chang, to CAP I is slated for completion in Q…