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Sign in Sign up for a FREE subscriptionMitsui & Co. buys stake in Ascendas-Singbridge assets
Singapore-based Ascendas-Singbridge has sold 45 percent of its Ascendas Innovation Place and Ascendas Plaza projects in Shanghai to Japanese conglomerate Mitsui & Co.
The value of stake is estimated to be $162 million.
The 55-45 partnership will upgrade the Shanghai offices. Ascendas Innovation Place totals 24,883 square meters (267,838 square feet). And Ascendas Plaza, which serves as Ascendas-Singbridge Group’s China headquarters, totals 44,000 square meters (474,000 square feet).
The deal will be the fourth cooperation between Mitsui and Ascendas-Singbridge. Buildings include the Fusionopolis Phase 5 in Singapore, Nusajaya Tech Park in Malaysia and 79 Robinson Road in Singapore’s CBD.
