CapitaLand and its co-investor have completed the acquisition of approximately 70% of Pufa Tower's gross floor area in Shanghai's core Lujiazui business district. Pufa Tower is located at No. 588 South Pudong Road, Pudong New Area. It is close to Dongchang Road station along metro Line 2, and is just across the street from Shanghai World Financial Center and Jinmao Tower. The acquisition marks CapitaLand's first office building in Lujiazui.
The HNA-Pufa quasi-REIT project was the first of its kind on the Shanghai Stock Exchange. It was also the first quasi-REIT project in China targeting a single office property. CapitaLand's acquisition of Pufa Tower marked China's first market-based exit of a quasi-REIT project, a milestone in the development of domestic REITs in China.
Serving as CapitaLand's legal advisor, Llinks' Real estate team collaborating with Banking and Securitization team, assisted in the deal structure, due diligence, transaction documents, closing, and completion of the project with great efficiency.
