SINGAPORE - ARA Asset Management said it had successfully established investment fund ARA Harmony VI to invest in a newly-completed integrated commercial property in Shanghai, China for 20 billion yuan (S$4.1 billion), which makes this the biggest single-asset property transaction in Asia Pacific this year.
Century Link, located in the heart of Lujiazui Finance and Trade Zone in Pudong New District, is a mixed-use development comprising two high-rise office towers, a six-storey retail podium and 1,275 car parking spaces with total gross floor area of some 362,361 square metres.
Sited directly atop the city's only four-subway line interchange hub and within the country's leading financial district, Century Link is positioned to attract office tenants prioritising location, prime Grade A office specifications, connectivity and amenities, and retail customers city-wide, said ARA in a statement.
It is expected to benefit from the strong office and residential population catchment, as well as the long-term growth potential of the area.
Harmony VI is anchored by an established insurer with a minority stake held by the Peninsula Investment Partners, and Peninsula Co-Investment Holdings I (Century), and has an initial term of 10 years with provision for extension.
It will be managed by ARA Fund Management (Mapleleaf), a wholly-owned subsidiary of ARA.
APM China, a property management subsidiary of ARA with a track record in China, will be the property manager for Century Link.
As at June 30, ARA's assets under management stood at about S$29.7 billion.