(Yicai Global) Nov. 13 -- CapitaLand has won a bid to buy the tallest twin towers in Shanghai for nearly CNY12.8 billion (USD1.87 billion) from a Chinese state-owned terminal operator.
The Singapore-based real estate company will acquire all of Shanghai Xingwaitan Development and Construction's equity via the Shanghai United Assets and Equity Exchange, the target firm's parent company Shanghai International Port Group said today.
Shanghai Xingwaitan owns the Star Harbor International Centre located in the ritzy North Bund area of Hongkou district along the Huangpu river. With a gross building area of 420,000 square meters, the center has two 50-floor office blocks and an integrated shopping center.
CapitaLand will have 23 urban complex projects in 12 Chinese cities after it completes the acquisition, according to its website.
Terminal operator Shanghai International Port Group took a 50 percent stake in Shanghai Xingwaitan for almost CNY6 billion last December. SIPG has sold it in less than 11 months, with the project's total assets appreciating by less than CNY800 million.
The sale ensure a return of funds and lower operational risks and will help promote SIPG's business reforms and optimize its resource allocation, it said.