Metro Holdings taking major stake in Shanghai Plaza
Metro Holdings, together with other JV partners, is acquiring a 90 per cent stake in Shanghai Plaza for RMB2.9 billion (US$613 million).
The mixed-used commercial building, with a gross floor area of 40,693sqm spans seven floors in Huai Hai Zhong Road, Huang Pu district, one of the most densely populated urban districts in China, reports The Edge. It is also near the shopping district of Xintiandi, People’s Square and the Lujiazui CBD.
Under the JV agreement signed by the investor, Shanghai Xing Chu Business Consulting, a wholly owned subsidiary of Metro China Holdings, will contribute $56 million for a 35 per cent stake in Shanghai Yi Zhou Property Management, which will be used to acquire and run Shanghai Plaza.