MGPA acquires Shanghai office building
MGPA has acquired J-Tower, a newly completed Grade A office building in Shanghai's Jiading district for RMB263.5 million ($42 million).
Located in the town of Anting, one of the centers of China's automotive industry, the property has 15,233 square meters of floor area. It is part of a mixed-use scheme, Life Hub @ Anting, which includes, in addition to the office building, 341 residential units and a 68,000 sq m shopping mall.
"This is a good opportunity to buy a quality commercial property in Shanghai," John Saunders, CEO Asia, MGPA, said in a statement. "Anting is a base for major Chinese and international automotive companies, with convenient transport links to downtown Shanghai but has an imbalance of Grade A office space in the area for the level of commercial activity."
The deal marks MGPA's second China investment from MGPA Asia Fund III, a real-estate vehicle with a total capital of $3.9 billion, the first being the 2011 purchase of a 50% stake in Galleria Chengdu, a retail mall in Chengdu, Sichuan province. Saunders says China continues to be an important focus for the firm, especially with regards to retail and commercial properties in tier-one and tier-two cities.
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