CapitaLand Ltd to Buy Shanghai Office Building for CNY2.1 Billion

By Joanne Chiu Features Dow Jones Newswires

CapitaLand Ltd. (C31.SG) said Thursday that it agreed to buy companies that collectively own the Shanghai office building Guozheng Center for 2.1 billion yuan ($307.9 million).

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The Singapore-listed company said the agreed property value of Guozheng Center, a newly completed office development in Yangpu District of Shanghai is CNY2.64 billion.

In tandem with the acquisition, CapitaLand also agreed to sell Innov Tower, an eight-year-old office building located in Shanghai's Xuhui District, to an unrelated party for US$195 million. The sale is expected to generate net profit of 85 million Singapore dollars ($61.5 million).

Both transactions are expected to be completed in June, it added.

Write to Joanne Chiu at joanne.chiu@wsj.com

(END) Dow Jones Newswires

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May 31, 2017 22:59 ET (02:59 GMT)