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).
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.
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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.
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(END) Dow Jones Newswires
May 31, 2017 22:59 ET (02:59 GMT)