CapitaLand Investment Limited (CLI) has formed a RMB2.4 billion (S$452 million, $337 million) joint venture with AIA Life Insurance (AIA), to recapitalize Capital Square Beijing, a class-A office building in Beijing.
Under this partnership, CLI will divest a 95 percent stake in Capital Square Beijing to AIA and hold the remaining 5 percent stake. CLI will provide asset-management services for the joint venture, which will contribute to its recurring fee income.
Located in the Central Business District in Chaoyang District, Capital Square Beijing was acquired in October 2022 through a court auction. After the acquisition, an asset-enhancement initiative upgraded its facilities, revitalized its tenant mix and improved operational efficiencies, leveraging CLI’s extensive tenant network and deep market knowledge to optimize the property’s performance. The property has a total gross floor area of 44,759 square meters (481,782 square feet) above ground.
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