Blackstone buys Shanghai mixed-use property for $1.25b

Blackstone Group has bought an office and retail complex in Shanghai from Singapore-based Mapletree Investments for $1.25 billion, reports the South China Morning Post.

The property comprises five office buildings and a shopping center, known as Mapletree Business City Shanghai and VivoCity Shanghai, respectively, with a total area of 2.9 million square feet in the southwestern Minhan district.

Recently, Gaw Capital Partners, Goldman Sachs and Blackstone purchased a portfolio of 12 shopping centers from Hong Kong’s Link REIT for $1.54 billion. The portfolio includes 1.1 million square feet of retail space and more than 4,700 parking spaces.