Keppel Land China entered a deal to acquire Zhangjiang Micro-electronic Port Block #3, a commercial property in the Pudong District of Shanghai for 493 million yuan, or around S$96.4 million, Keppel said in a filing to SGX Friday.
Once the deal is completed, the vacated four-storey Zhangjiang Micro-electronic Port Block #3 will undergo renovation works to meet market needs, Keppel said.
The development is located in the Zhangjiang Hi-Tech Park business park, which authorities have named a “cluster” for developing the artificial intelligence industry, the filing said.
“Keppel Land China will continue our strategy to grow our commercial portfolio in China, with a focus on first-tier cities such as Shanghai,” Ben Lee, president of Keppel Land China, said in the statement.
“Close on the heels of our acquisition of Shangdi Neo in Beijing in early September, we are pleased to secure another commercial property situated in one of China’s technology innovation hubs,” he added, pointing to strong demand from tech companies.
The deal is expected to be completed by the fourth quarter, Keppel said.