Keppel consortium seeks $448m for Shanghai complex, 35% below 2019 price

A consortium tied to Singapore's Keppel Ltd. is seeking about RMB 3 billion ($448 million) for Shanghai's International Bund Gateway, according to Mingtiandi. The group paid RMB 4.6 billion ($686 million) for the complex in 2019, putting the ask about 35 percent lower. The 2019 buyer group was Keppel Capital's Alpha Asia Macro Trends Fund III, Keppel Land China and other co-investors.

Savills, which publishes U.S. office leasing data, has been appointed sole agent to market the 800,835-square-foot complex in Shanghai's Hongkou district. The property has two 18-story office towers and a retail podium, and the buildings can be sold individually or as a portfolio, according to the coverage.

The office portion accounts for about 511,286 square feet of the complex, with 289,549 square feet of retail alongside it. Retail is roughly 36 percent of the space.

Across the full 800,835 square feet, the RMB 3 billion ask works out to about $560 per square foot, versus roughly $857 per square foot on the 2019 purchase price. The straight-line comparison does not adjust for building mix, condition or capital invested since 2019.

Office tenants listed in the coverage are Shanghai Jahwa, Hapag-Lloyd and subsidiaries of Shanghai International Port Group, China Resources Land and Guosen Securities.