Keppel forms JV to buy Shanghai property

It tied up with Alpha Investment Partners.

Keppel Land in China partnered with Alpha Investment Partners to acquire an office and retail mixed-used development, SOHO Hongkou in Shanghai, China, for around US$525m.

According to RHB's News Bulletin, Keppel Corp said the aggregate consideration for the share subscription - which is expected to be completed by end next month - and the shareholders' loan to Vision (III) is US$82.5m. The acquisition will be funded through internally-generated funds.

SOHO Hongkou comprises a 29-storey office tower and a two-storey retail podium. SOHO Hongkou, designed by leading architect Kengo Kuma, is strategically located in the North Sichuan Road fringe central business district (CBD) and within walking distance to the North Sichuan Road and the Hailun Road interchange metro stations. It is also well connected by roads, tunnels and bridges to the CBDs in Pudong and Puxi.