Ivanhoé Cambridge and APG invest $920m in Shanghai developer
Ivanhoé Cambridge and Dutch pension asset manager APG Asset Management have invested $920 million in Chongbang, a Shanghai-based retail-anchored mixed-use developer, owner and operator.
“The investment in Chongbang builds on APG’s strategy to increasingly participate in city-specific platforms in key gateway urban centers around the world, in sectors with compelling long term fundamentals and through partnering with management teams with unparalleled execution capability in their local markets,” said Sachin Doshi, managing director and head of private real estate investments, Asia Pacific, at APG, in a statement.
This is the second institutional capital raising for Chongbang; Singapore’s sovereign wealth fund, GIC, is an existing shareholder. Chongbang currently owns and operates 4.6 million square feet of retail and commercial space in Shanghai, with another 4.5 million square feet under development.