Asia Pacific Land, a Japanese real estate investment and asset management firm, has bought a Shanghai office building from a Hong Kong exchange for $650 million (€412 million).
The purchase, the largest single asset transaction in the history of the People’s Republic of China, was made from Hong Kong Stock Exchange-listed Hutchinson Whampoa Group. The grade A building, called The Center, is located in the Puxi district of Shanghai. It is within close proximity to consulates, exhibition centers, the Portman Ritz Carlton, Hilton Hotel and the Metro underground rail. The building is notable for its column-free design and 360 degree glass wall.
“Given the current challenges in the China real estate market, we are particularly pleased to have advised APL in this groundbreaking transaction,” said David Blumenfeld, chair of the Shanghai real estate practice for Paul Hastings, which represented APL in the transaction.
Tokyo-based APL is a privately owned real estate investment, development and asset management company, established in 1997. Today it makes investments in real estate transactions in China, Japan and other countries throughout Asia. Schroders is a majority sharehold in the company.