Keppel Land China to buy 30% of Guangzhou commercial development for $24.8m

The development boasts of a 42,533-sqm floor area spread across 17 storeys.

Keppel Land China has entered into a share sale and shareholder loan transfer with Topchain Group to acquire 30% of Westmin Plaza, an office and retail space in Guangzhou, for $24.8m, according to a press release.

Topchain will continue to hold a 70% stake in the development. This marks Keppel Land China’s first partnership with the group.

Westmin Plaza is located near Ximenkou Station, as well as a cluster of government agencies, research and education institutions. It houses the headquarters of several local and international companies.

Keppel Land China also shared plans to further develop the Plaza into an international-grade real estate.