Innov Center is an office integrated development in Shanghai’s Yangpu District. CapitaLand acquired the property in 2017 to be the seed asset to kickstart CAP I.
Other pipeline assets for CAP I include another Shanghai-based office development, Pufa Tower.
Further, CapitaLand says it has been strengthening its portfolio by leveraging its fund management platform, adding that there will be more reconstitution opportunities for its expanded portfolio upon completing the Ascendas-Singbridge transaction.
This, and other growth strategies, will be shared by the group’s senior management at an event later today that will unveil Raffles City The Bund as the name of the group’s tenth Raffles City development globally.
“CapitaLand’s transformational transaction to acquire the business of Ascendas-Singbridge will strengthen our development pipeline, expand our slate of REITs and funds, and increase our scale in investment properties across geographies and asset classes,” comments Lee Chee Koon, president and group CEO of CapitaLand Group.
“The enlarged CapitaLand entity will also provide us with a robust pipeline of assets to enrich our fund management platform to build scale, synergy and sustainable growth in our core markets,” he adds.
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