CapitaLand JV buys 70% stake in Shanghai building for 2.75b yuan
Pufa Tower will be seed asset for new value-add fund
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Janice Heng
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Singapore
CAPITALAND has teamed up with an unrelated third party to acquire a prime office building in Shanghai as a seed asset for a value-add fund which it is setting up "to invest in commercial real estate in key gateway cities in Asia".
The acquisition will immediately contribute to the group's recurring income, said CapitaLand on Monday.
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