MAPLETREE Greater China Commercial Trust (MGCCT) has acquired Sandhill Plaza in Shanghai for about S$402 million from MSREF VII Leaphart BV.
This translates into a purchase consideration of 1,888.1 million renminbi (or approximately S$412.2 million), which comprises the property purchase price of 1,840.3 million renminbi (or approximately S$401.8 million) for Sandhill Plaza and the estimated working capital adjustments.
Said Cindy Chow, chief executive officer of MGCCT Management: "We are pleased to announce our first acquisition since listing, with the purchase of Sandhill Plaza - a premium quality business park located in Zhangjiang Hi-tech Park in Shanghai. With its good location, quality building specifications, high occupancy rate, strong tenancy profile, and attractive rental growth opportunity within a strong rental market, the acquisition of Sandhill Plaza is in line with MGCCT's strategy to invest in best-in-class real estate assets for commercial purposes in the Greater China region. This marks the start of growing MGCCT through accretive acquisitions in addition to organic growth and asset enhancement initiatives."
Under the terms of the agreement, MGCCT will acquire 100 per cent interest in Glamour II Limited (an entity incorporated in the Cayman Islands), which holds 100 per cent interest in China Orient Limited (an entity incorporated in Hong Kong), which in turns holds 100 per cent interest in Shanghai Zhan Xiang Real Estate Company Limited (an entity incorporated in the People's Republic of China), the registered owner of Sandhill Plaza.