Brookfield buys US$1.6bn Shanghai complex from Greenland

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Canadian investment manager Brookfield Asset Management has agreed to buy a commercial property development in Shanghai worth RMB 10.6bn (US$1.57bn) from Hong Kong-listed Greenland Hong Kong.

Brookfield is expected to pay about US$2bn for three office towers and a retail mall at the Greenland Huangpu Centre (GHC), taking into account building costs and outstanding debts.

The project is located in the city’s Wuliqiao sub-district and is expected to be completed within this year, Greenland said in an announcement.

The deal is one of China’s biggest commercial property transactions completed by an overseas investor.

The deal follows the US$1.9bn acquisition of the Star Harbour International Center project in Shanghai by Singapore’s CapitaLand and sovereign wealth fund GIC last November.

In January this year, Brookfield raised $15bn in the final closing of its third global opportunity fund, Brookfield Strategic Real Estate Partners III (BSREP III).

The capital raising exceeded its initial $10bn target for BSREP III, having raised $9bn for its second fund in 2016.

Headquartered in Toronto, Brookfield has $350bn of assets under management.