CapitaLand and GIC Acquired Shanghai's Tallest Building

CapitaLand, through Raffles City China Investment Partners III (RCCIP III), has formed a 50:50 joint venture with Singapore’s sovereign wealth fund GIC to acquire Shanghai’s tallest twin towers for an aggregate consideration of RMB12.8 billion (about SGD2.54 billion). Currently under development in Hongkou District, the prime asset will become CapitaLand’s third Raffles City integrated development in Shanghai, which will also be its ninth in China and 10th globally.

CapitaLand holds a 41.7% stake in RCCIP III, with the remaining interests held by investors from Asia, North America and the Middle East. CapitaLand's Raffles City China Investment Partners III fund has formed a 50:50 joint venture with Singapore’s sovereign wealth fund GIC to acquire Shanghai’s tallest twin towers for an aggregate consideration of RMB12.8 billion (about SGD2.54 billion).

-- APMR News