Hong Kong-based property developer Shui On Land, controlled by Hong Kong billionaire Vincent Lo, has agreed to sell its entire stake in the company that owns the Taipingqiao project to China Life Insurance Co. for 3.32 billion yuan ($545 million).
The project is located in Shanghai's Huangpu district with approximately 79,000 square meters of floor area available for lease or sale, including commercial, office and retail properties, according to a company statement.
The company plans to use the net proceeds from the deal to repay debt and fund real estate development. Last month, it sold office property and car parking spaces in a project in China's Chongqing for 2.4 billion yuan, Bloomberg reports.
U.S.-based private equity firm Cerberus Capital Management LP has sold a 1,900-square-meter land parcel in Tokyo to Japanese general contractor Shimizu Corp, riding on the property market boom in Japan due to Abenomics.
West Loop Holdings, a joint venture of GE Capital Healthcare Financial Services, KMF Senior Housing Investors and Senior Lifestyle Corporation, has sold a senior housing portfolio in the U.S. to Griffin-American Healthcare REIT II.
A consortium spearheaded by Perennial Real Estate Holdings has agreed to purchase a Singapore office and retail tower from the Asia Real Estate Income Fund, which is managed by the Pacific Star Group, for S$970 million ($766 million).
Philips Pension Fund has sold the Symphony Offices to Deka Immobilien GmbH for approximately €215.1 million ($294.5 million), making it the largest real estate transaction in the Netherlands in 2013 to date, according to CBRE.