Capitaland: To acquire remaining 50% interest in Innov Tower, a fully leased 23-storey office building located in Caohejing High-tech Park, Shanghai, with a total GFA of approx 40.4k sqm for Rmb298m ($56m). Co exercised its right of first refusal to acquire the property from CITIC Trust Co.
The price was determined by taking into a/c the agreed value of the property of Rmb976m (approx $182m), which is equivalent to about Rmb24.1k (approx $4.5k) psm ppr and the adjusted NTA of Rmb264m.
Co has been recently actively increasing its China portfolio, acquiring a residential site in Hangzhou and increasing its stake in Raffles City Shenzhen.
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