By Tanu Pandey
The purchase closely follows Gaw Capital’s acquisition of Ocean Towers, a Grade A office building in Shanghai.
With this latest acquisition, CapitaLand now owns and manages 21 commercial properties in Shanghai.
The building was earlier jointly owned by a Keppel Corp fund and Singapore-listed property developer City Developments.
This will be Ascendas’ sixth property in Chennai. Its other properties include an integrated industrial development and two logistics and warehouse facilities at Oragadam and Periyapalayam.
The company said it is selling five real estate assets in Mumbai and one in Kolkata with 15 January as the final date for potential buyers to submit their bids.
The acquisition was reportedly carried out by Hong Kong-based PE real estate firm ARCH Capital Management’s arm ARCH Capital Property Advisors on GIC’s behalf.
Real estate asset sales by Chinese companies surged to $12.3 billion since January, up from $5.3 billion the year prior.
This is the largest Japan-focused logistics private realty fund.
The latest invesment is the firm’s third acquisition in Australia this year.
The proposed acquisition will be made through Figtree Holding Trust, a wholly owned sub-trust of a joint venture between SPH Reit and entities managed by Moelis Australia, an ASX-listed financial services group.