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CapitaLand's Shanghai office asset 'swap' gets thumbs up from analysts

Property group to buy newly completed Guozheng Center while divesting Innov Tower

Published Thu, Jun 1, 2017 · 09:50 PM

Singapore

ANALYSTS on Thursday called CapitaLand's Shanghai office "asset swap" a clever move, as the property group is essentially unlocking value from a mature stabilised asset and simultaneously gaining entry into a newly- completed property of similar quality, but at lower price levels.

CapitaLand on Thursday morning announced that it has agreed to buy Guozheng Center, a newly completed office development in Yangpu District, Shanghai, for 2.64 billion yuan (S$537.8 million).

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