MGPA, a private equity real estate investment advisory company managing assets in Europe and Asia, said on Thursday it has acquired a newly completed Grade A office building, j-Tower, in Shanghai for 263.5 million yuan ($41.8 million).
The deal was concluded by MGPA Asia Fund III, which focuses on real estate investments in the Asia-Pacific region, and features equity commitments of $3.9 billion. Its portfolio in China includes a 50 percent interest in Galleria Chengdu, a high quality retail mall in Chengdu.
"This is a good opportunity to buy a quality commercial property in Shanghai. We anticipate strong leasing interest from both domestic and foreign firms looking for quality and convenience," said John Saunders, MGPA's CEO for Asia.
J-Tower is the second deal in China for MGPA Asia Fund III following acquisition of the retail mall in Chengdu in 2011.
"China continues to be an important focus for MGPA, and we look favorably on investment in retail/commercial properties in tier-one and tier-two cities," Saunders said.
