GIC, Singapore’s sovereign wealth fund, has entered into a 50-50 joint venture with Raffles City China Investment Partners III (RCCIP III), a fund controlled by CapitaLand, to acquire Shanghai’s tallest twin towers for an aggregate consideration of RMB12.8 billion ($1.8 billion).
The integrated project with a total GFA (excluding car park) of 312,717 square meters (3.37 million square feet) is currently under development in Shanghai’s Hongkou District, along the Huangpu River on North Bund. It is located in the well-connected North Bund submarket, with convenient access to metro lines, ferry and bus terminals. The project comprises two 50-story, class A office towers that are linked at the base by a seven-story shopping mall. At a height of 263 meters (863 feet), the project is the tallest twin-tower office building in Shanghai, offering excellent views of Lujiazui and the Huangpu River. The project has achieved structural completion and is expected to open in phases fr
