Ascendas REIT to sell business park in Shanghai for $228.1 mil

SINGAPORE (Oct 27): Ascendas Funds Management (S), the manager of Ascendas Real Estate Investment Trust, on Thursday announced the proposed divestment of A-REIT City @ Jinqiao in Shanghai for approximately $228.1 million.

Wkland Investments II and its parent company Vanke Property (Hong Kong) Company – both indirect wholly-owned subsidiaries of China Vanke Co. – entered into the sale and purchase agreement with Ascendas REIT’s trustee, HSBC Institutional Trust Services (Singapore).

Wkland Investments II agreed to purchase all of Ascendas REIT’s equity interest in its wholly-owned subsidiary, Shanghai (JQ) Investment Holdings.

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