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.
It has been open since the end of 2009 and enjoys a monthly average footfall of 1.25 million visitors, the firms said in a statement today.
Keppel Land chief executive Ang Wee Gee noted that the deal is the first time Keppel Land China and Alpha have collaborated to acquire a premium property in a well-located area in Shanghai.
"This is also in line with our strategy to scale up in high-growth cities such as Shanghai where Keppel Land China has established a firm foothold," he added.