Keppel Land China Limited, a subsidiary of SGX-listed Keppel Corporation Limited, has entered into an agreement with Topchain Group to acquire a 30 per cent stake in WinUp Global that owns the Westmin Plaza, a mixed office-cum-retail development in Liwan District, Guangzhou, China.
The acquisition price is approximately HK$141.40 million ($18.04 million) comprising cash and shareholder loans as of September 23, 2019. The remaining 70 per cent stake will be held by Topchain.
Westmin Plaza comprises of three storeys of retail space and 14 storeys of office space spanning a total of 42,533 sq m in gross floor area. It is situated in close proximity to the Ximekou Metro Station, and the office submarket of Yuexiu District, which houses various institutions, government offices, local and international companies.
Westmin Plaza is also located in the heart of the Guangdong–Hong Kong–Macao Greater Bay Area that has been identified by the Chinese government as one of the three major urban clusters for the implementation of innovation-driven development.
Keppel Land China president Ben Lee said, “This acquisition is in line with Keppel Land China’s strategy to grow its commercial portfolio in China, with a focus on first-tier cities. It also marks our maiden entry into Guangzhou, one of the cities with the fastest economic growth in China.”