LaSalle Investment Management, the world’s leading real estate investment manager, through the LaSalle Asia Opportunity III fund, has successfully acquired a 49 percent stake in a land site in Chengdu, China from Shui On Construction and Materials Ltd, for RMB 440 million.
“We are delighted with this acquisition in Chengdu. We have been targeting investment opportunities in second-tier cities in China, where we foresee further growth in the property sector,” said Eric Au, National Director of LaSalle Investment Management.
Over the next three years, the land site, which has a total area of 57,397 sq m, will be jointly developed as a comprehensive urban development comprising more than 2,550 high-rise residential units, 33,000 sq m of office space and a 48,400 sq m retail podium. It will also feature a swimming pool, clubhouse and kindergarten.
Located in the north-east of Chengdu, the site is within an area targeted for urban regeneration initiatives. Development plans include the opening of a new subway line, a major renovation of Chengdu North Railway Station and the relocation of a regional wholesale market.
“China is an important market for LaSalle and is part of our current Asia Pacific strategy. We are pleased to have found a good partner in Shui On to develop this prime piece of land,” he said.
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