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Ascendas REIT to sell business park in Shanghai for $228m

by Andrea Waitrovich

Ascendas Funds Management, the manager of Ascendas REIT, has sold A-REIT City@Jinqiao in Shanghai for approximately $228.1 million. The proposed sale is expected to be completed next year.

The buyers are Wkland Investments II and its parent company Vanke Property Co. — both indirect wholly owned subsidiaries of China Vanke Co.

A-REIT City@Jinqiao has a gross floor area of approximately 859,821 square feet. Ascendas REIT acquired the business park in 2013 for $84.3 million.

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