Shui On Land and partners acquire 3 land plots in Xintiandi for US$2.1b

The land plots will be developed into a commercial and office complex, says Shui On Land and partners China Pacific Life Insurance Co and Shanghai Yongye Enterprise (Group) Co.

Shui On Land Ltd, in partnership with China Pacific Life Insurance Co and Shanghai Yongye Enterprise (Group) Co, acquired three land plots in Shanghai's downtown Xintiandi today for over 13.6 billion yuan (US$2.05 billion).

The average gross floor area price for the three parcels sitting on 34,824 square meters in Huangpu District was 44,963 yuan per square meter, or a premium of 0.2 percent.

Shui On Land will own 25 percent, CPIC Life 70 percent and Yongye five percent interests, the Shanghai-headquartered developer, who will be the project development manager and asset manager on completion of the project, said in a statement.

The project, with a total built-up floor area of 390,700 square meters, will be developed into a commercial and office complex. Office space will take up 197,100 square meters, retail and culture purposes will occupy 105,600 square meters  and 88,000 square meters will be for a car park, according to the statement. 

"Shui On Land entered into a strategic cooperation with two very solid partners and successfully won in this unique investment opportunity,” said Vincent Lo, the developer's chairman. 

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