Keppel Land China entered a deal to acquire a 30 percent stake in Win Up Global, which will own office and retail development Westmin Plaza, for around HK$141.4 million, or around S$24.8 million, from Topchain Group, Keppel said Tuesday.
Topchain will continue to hold the remaining 70 percent of Westmin Plaza, which is located in Liwan District, Guangzhou, China, Keppel said in a filing to SGX.
“This acquisition is in line with Keppel Land China’s strategy to grow our commercial portfolio in China, with a focus on first-tier cities. It also
marks our maiden entry into Guangzhou, one of the cities with the fastest economic growth in China,” Ben Lee, president of Keppel Land China, said in the statement.
It is also KLC’s first partnership with Topchain Group, a developer with experience managing urban renewal projects in the Guangdong-Hong Kong-Macao Greater Bay Area, Lee added.
Westmin Plaza has 42,533 square meters of gross floor area across three storeys of retail space and 14 storeys of office space, and is located near a metro line, Keppel said.