Singaporean sovereign wealth fund GIC and real estate company CapitaLand have formed a joint venture (JV) that will purchase one of the tallest twin towers in Shanghai, China, for 12.8 billion yuan ($1.8 billion).
CapitaLand, through Raffles City China Investment Partners III (RCCIP III), created the 50:50 JV with GIC to purchase the integrated development that has a total gross floor area of 312,717 square meters.
The property comprises two 50-storey premium Grade A office towers linked at the base by a seven-storey shopping mall. The development has already achieved structural completion and is expected to open in phases from the second half of next year.
CapitaLand said that the acquisition gives it a distinctive Raffles City in the fast-developing North Bund of Shanghai. The twin towers will become CapitaLand’s third Raffles City integrated development in Shanghai.