Keppel Land China in JV to acquire 30% stake in Shanghai development for US$525 mil

SINGAPORE (June 26): Keppel Land is jointly acquiring a 30% stake in a Shanghai office and retail mixed-used development, SOHO Hongkou, for US$525 million ($729 million).

Located in Hongkou District, SOHO Hongkou offers a total leasable area (GLA) of 70,042 sm, which comprises 65,304 sm and 4,738 sm of office and retail space respectively. Completed in 4Q15, it has a high occupancy rate of 97% as of March, with tenants including Panasonic and China Pacific Insurance.

SOHO Hongkou is located in the North Sichuan Road fringe CBD, and within walking distance to the North Sichuan Road (Line 10) and the Hailun Road interchange metro stations (Lines 4 and 10).

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