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