PGIM sells Shanghai office property to BlackRock

PGIM Real Estate has sold Waterfront Place, an office property in Shanghai, on behalf of Asia Property Fund (ASPF) III.

The buyer and sales price were not disclosed; however, local media outlets reported BlackRock to be the buyer and the sales price to be $184 million.

Waterfront Place comprises two class A office properties with a total area of 299,290 square feet of office space as well as underground parking in an established mixed-use development in Chang Feng, one of Shanghai’s more mature decentralized business districts. PGIM Real Estate acquired Waterfront Place in January 2016, and the sale continues PGIM Real Estate’s strong track record of investing in China.

“We achieved an attractive entry price when we acquired Waterfront Place by capitalizing on market dislocation. In addition, an active asset management strategy, alongside increased demand from investors for income-yielding assets, enabled us to maximize the value of this investment on be