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A-Reit sells Shanghai business park for S$228m

ASCENDAS Real Estate Investment Trust (A-Reit) on Thursday said its manager will sell a business park in Shanghai for S$228 million. This amount includes an assignment of A-Reit’s shareholder loan to its unit that owns the business park.

The business park, A-Reit City @ Jinqiao, will be sold to Vanke Property (Hong Kong) Company's unit, Wkland Investments II Limited.

The proposed sale is expected to be completed in its fiscal third quarter.

The manager is entitled to a divestment fee of S$1.1 million.