27 January 2005
SHANGHAI - Macquarie Global Property Advisors Limited (MGPA), on behalf of Lend Lease Global Properties SICAF, today announced the acquisition of CapitaLand’s 95 per cent interest in Shanghai Xin Mao Property Development Co. Ltd for US$98 million. The company owns Xin Mao Tower (Xin Mao) in the central Puxi district of Shanghai, China.
Xin Mao, which is being developed by CapitaLand of Singapore, is a 20-storey international Grade-A standard office building with a gross floor area of 43,374 sqm and 142 car parking spaces.
The property is situated in a prime location in the Hua Hai Road business district of Puxi, adjacent the Xin Tian Di retail and leisure facility. The area has excellent transport links, and is one of Shanghai’s best working, living and recreational environments. Several expressions of interest have been received from high quality international tenants seeking to lease space in the completed building.
Negotiations between CapitaLand and MGPA regarding Xin Mao commenced in October 2004 and a definitive set of terms were agreed in December 2004). The transaction structure provides for an initial down-payment, with the balance of consideration being paid upon completion of construction and subject to the satisfaction of a number of conditions.
James Quille, Chief Executive Officer of MGPA, said: “On completion Xin Mao Tower will be one of the few truly Grade-A buildings available in Shanghai, and its location next to Xin Tian Di makes it an ideal choice for international tenants seeking the best working environment for their staff.”
Xin Mao is due to be completed in the fourth quarter of 2005.
Notes to Editors
Macquarie Global Property Advisors is a private equity group focused on real estate investment in Asia and Europe.
Through its headquarters in Bermuda and network of offices in Hong Kong, Tokyo, Seoul, London and Luxembourg, MGPA manages $1.65 billion in assets in Hong Kong, Korea, Japan, Portugal, Spain, the United Kingdom, Belgium, Luxembourg, and Germany. Its managed investments include development and re-development projects, joint-venture investments and real estate operating companies in the office, retail, industrial and residential sectors.
Owned by its Principals and Macquarie Bank Limited, a pre-eminent Australian bank providing investment banking and financial services, MGPA was formed in February 2004 as the result of a management buyout from Lend Lease Corporation of its Global Fund investment advisory platform.
CapitaLand is one of the largest listed property companies in Asia. Headquartered in Singapore, the multinational company's core businesses in property, hospitality, property services and real estate financial services are focused in key cities in Asia, Australia, Europe and the Americas.
The company's property and hospitality portfolio spans 88 cities in 29 countries. CapitaLand also leverages on its significant real estate asset base and market knowledge to develop fee-based products and services in Singapore and the region.
The listed subsidiaries and associates of CapitaLand include Raffles Holdings, The Ascott Group, CapitaMall Trust, CapitaCommercial Trust and Australand Property Group, which is listed both in Singapore and Australia.
For further information, please contact:
Tel: (82 2) 726 0808
Tel: (852) 3162 6088
Senior Communications Manager
Macquarie Banking and Property Group
Tel: (612) 8232 6989