ARA sells China property for $413m
Singapore real estate firm ARA Asset Management has sold, on behalf of its $1.13 billion Dragon Fund I, the Nanjing International Finance Center in Nanjing, China, for $413 million. The buyer of the property, located in the heart of Xinjiekou, Nanjing’s central business district, is SanPower Group.
ARA’s first real estate fund purchased the 51-story mixed-use property in 2009 for $234 million. ARA’s Dragon Fund had a final close in 2008. The fund invests across Asia, with a primary focus on the main cities of China, Singapore, Hong Kong and Malaysia and a secondary focus on other emerging economies in Asia.
The firm has been actively selling the fund’s assets. In August 2013, ARA announced plans to divest all five of the Dragon Fund’s assets in Malaysia during second quarter 2014. The five shopping centers are Mont Kiara, Aeon Bandaraya Melaka, Ipoh Parade, Kla