Singapore´s CapitaLand has sold its indirect wholly-owned subsidiary, Hua Lei Holdings, for $352 million.
Hua Lei Holdings indirectly owns 100% of office property, Capital Tower Beijing.
The sale of Capital Tower Beijing, which comprises two 35-story office towers with a gross floor area of 107,627 sq m, to a Fortune 500 company will yield CapitaLand a gain of S$163 million.
Capital Tower Beijing is located along Changan Street, near landmarks such as the Forbidden City, the China National Theater and numerous government offices and ministries.
Completed in 2006, the building is currently 83% occupied and home to several multinational companies.
CapitaLand is one of Asia’s largest real estate companies headquartered in Singapore.
Source: Reuters