Citi-Fame Development, an indirect wholly owned subsidiary of Swire Properties, has entered into an equity transfer agreement with Shanghai Newbund Industrial Development Co. for the acquisition of a 50 percent equity interest in Shanghai Qianxiu Co. from Shanghai Newbund Co.
The sales price was $214 million.
Once the acquisition is completed, Citi-Fame and Shanghai Newbund Co. will each hold a 50 percent interest in Shanghai Qianxiu. The joint venture will develop a retail project on the land, and the development, in an area envisioned as Shanghai’s newest international business district, is expected to have a total gross floor area of approximately 1.25 million square feet.
“This is an exciting opportunity to participate in an important retail project in Pudong, an area that we believe has significant long-term growth potential,” said Guy Bradley, chief executive of Swire Properties. “We will undoubtedly benefit from working with Shanghai Newbund Compa
