CapitaLand, GIC jointly acquire Shanghai's twin towers

Singapore

CAPITAL recycling at CapitaLand moved up a gear with its latest purchase of an iconic project in China's financial city.

South-east Asia's biggest developer, through an investment fund, is teaming up with GIC to acquire Shanghai's tallest twin towers for 12.8 billion yuan (S$2.54 billion).

This property will become CapitaLand's third Raffles City integrated development in Shanghai, and also its ninth in China and 10th globally.

CapitaLand's disclosure of this acquisition confirms an earlier report by The Business Times (BT). BT had identified the real estate group as eyeing the massive property being of…