Mapletree Greater China Trust snaps up Sandhill Plaza in Shanghai for $412m

This is its maiden acquisition.

Mapletree Greater China Trust today has snapped up Sandhill Plaza in Shanghai for a total consideration of $412.2m.

Sandhill Plaza is a premium business park property developed on a land plot of about 23,203 square metres in an established area of Zhangjiang Hi-tech Park, part of Shanghai’s Free Trade Zone.

The purchase consideration comprises the property purchase price of $401.8m for Sandhill Plaza and the estimated working capital adjustments attributable to the entities being acquired in connection with the acquisition.

The acquisition will be funded by existing available banking facilities. MGCCT’s gearing is expected to increase from 36.2% to 40.6%, and the deal is expected to be completed within one week from the execution of the sale and purchase agreement.