Keppel Land China agrees to buy Westmin Plaza for $18 million

Keppel Land China Ltd., a real estate management services subsidiary of Singapore-based Keppel Corp. Ltd., has agreed to purchase Westmin Plaza, a mixed office-cum-retail development in Liwan District, Guangzhou, China.

Keppel Land China intends to pay 141.4 million Hong Kong dollar ($18 million) to Topchain Group to buy Westmin Plaza, located in close proximity to the Ximekou Metro Station and the office submarket of Yuexiu District.

More so, Westmin Plaza comprises of three storeys of retail space and 14 storeys of office space spanning a total of 42,533 square meters in gross floor area.

Under the deal, Keppel Land China will acquire a 30 percent stake in WinUp Global, which owns the Westmin Plaza. The remaining 70 percent stake will be held by Topchain.