Foreign Property News | Posted by Aye Myat Thu
CBRE announced recently that its Capital Markets team assisted Keppel Capital Holdings in the recent acquisition of the Yi Fang Tower, a recently completed prime Grade A office and retail mixed-use development in Shanghai’s Hongkou district.
Keppel Capital, together with Keppel Land, acquired the 74,400 square metre (800,000 square foot complex) from developer Dalian Yi Fang Group for RMB 4.6 billion. The CNY 4.6 billion acquisition is the biggest en-bloc deal in Shanghai this year to date.
Strategically located in the center of the North Bund area, Yi Fang Tower has a total gross leasable area of about 74,400 square meters.
The complex consists of 47,500 square meters of office space spread across two 18-story office towers and a 26,900 square meter retail podium.
The completion of Beiheng Tunnel in 2020, within a five-minute drive to the property, will also enhance the complex's connectivity to other areas of Shanghai.
Hongkou district, known for its rich historical heritage and deep cultural roots, has long played a key role in Shanghai's urban development.
With major redevelopment projects already underway, Hongkou district continues to undergo rapid reinvention.
The North Bund area in the south of the district, where the project is located, is currently being transformed into a financial and shipping center.
Ref: Property Report
