Keppel Land and Alpha-managed funds acquire Shanghai mall
KEPPEL Land and funds managed by Alpha Investment Partners have acquired an effective 80 per cent stake in a mixed-use development in Shanghai.
Keppel Land China acquired 34 per cent for US$126.5 million (S$155.6 million) while an Alpha fund and a co-investor bought 46 per cent for US$171.1 million.
Alpha is the property fund management arm of Keppel Land.
The development, Lifehub @ Jinqiao in Shanghai's Pudong district, comprises 98,630 sq metres (sqm) of retail and 16,102 sqm of office space. It is more than 99 per cent leased.