Metro Holdings buys 35% of JV that's acquiring Shanghai mixed-use building

Singapore

METRO Holdings Limited has acquired a 35 per cent stake in a joint venture that is investing into Shanghai Plaza, a mixed-use building in Shanghai worth 2.9 billion yuan (S$613 million).

The joint venture company, Shanghai Yi Zhou Property Management Co Ltd, has on the same day on Thursday, acquired a 90 per cent stake of the building, with the intention to acquire the remaining 10 per cent by 2020.

This acquisition was undertaken via a sale and purchase agreement with Hangzhou Huan Bei Silk Clothing City Co Ltd to acquire a 90 pe…