Mapletree Greater China Commercial Trust Management has acquired the Sandhill Plaza, a mixed-use complex located in Shanghai, for 1.89 billion yuan ($304 million). The official announcement does not list the seller; however, Real Capital Analytics and other media outlets have identified Morgan Stanley Real Estate Fund VII, a $4.7 billion fund managed by Morgan Stanley, as the seller.
Under the terms of the agreement, Mapletree will acquire a 100 percent in Glamour II Ltd., an entity incorporated in the Cayman Islands, which holds 100 percent of China Orient Ltd., which in turns holds 100 percent of Shanghai Zhan Xiang Real Estate Company Ltd., the registered owner of Sandhill Plaza.
The property has gross floor area of approximately 902,000 square feet. It has one 20-story tower, se
