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KEPPEL Land China on Thursday said that it will acquire a newly completed retail development in Jiading District, Shanghai, China, for 500 million yuan (S$102 million).
The retail development has a gross floor area of 40,927 sq m and a net lettable area of about 32,800 sq m. It is part of a mixed-use development comprising offices, shops and residential towers. Keppel Land Retail Management will be appointed manager.
Ang Wee Gee, CEO of Keppel Land, said: "The acquisition is part of Keppel Land's strategy to seize opportunities in key Chinese cities such as Shanghai. We will leverage our expertise, network and retail management capabilities to enhance the value offerings to this community mall in the upcoming Jiading New City Core Area, where several new residential and commercial projects are coming up.
"The acquisition, coming closely after the divestment of Life Hub @ Jinqiao, is also in line with the Keppel Land's strategy of recycling capital to seek the highest returns."
The retail mall is located within the Jiading New City Core Area and is directly linked to the Malu Bus terminal and the Malu Station of MRT Line 11 which connect to many residential districts in the north-west region of Shanghai. The mall is easily accessible via several highways, including the Huxiang, Hujia and Jiamin Highways.
The acquisition is expected to be completed by the first quarter of 2017.
Keppel Corp does not expect the transaction to affect its earnings per share and net tangible asset per share materially for the current financial year.
Its shares rose 3.8 per cent to end at S$5.42 on Thursday.