AEW sells office building in Shanghai
AEW Asia has sold a class A office building in Shanghai to Ascendas-Singbridge Group. The sales price is estimated to be $195 million.
The acquisition is in line with the Ascendas-Singbridge Group’s strategic plan to grow its portfolio of high-quality commercial assets in China’s first-tier cities.
Located at 686 Jiujiang Road in Shanghai’s Huangpu District, the development has a total above-ground gross floor area of 267,838 square feet. The property is located near the Shanghai city center’s core business district of People’s Square and Nanjing Road Pedestrian Street. AEW purchased 686 Jiujiang Road in June 2015 from The Blackstone Group for approximately $147.2 million.
Following the acquisition, Ascendas-Singbridge plans to rename and upgrade the building, creating a vibrant center of activity along the famous Nanjing Road Pedestrian Street. The upgraded development will cater to the emerging needs of new and growing enterprises, providing a lively