US investment giant buys $1.25bn Shanghai office and retail project

VivoCity Shanghai Mapletree

US investment firm Blackstone has acquired Mapletree Business City Shanghai and the VivoCity Shanghai shopping centre for $1.25bn (£1bn) from Singapore’s Mapletree Investments in one of the biggest-ever deals in Shanghai.

The office and retail complex spans 2.9m sq ft and is located in the southwestern district of Minhang in China’s largest city. Mapletree began development of the ¥5.5bn scheme in 2012 and officially opened the five-storey shopping centre last year. The shopping centre’s fifth floor features an open-air Sky Park.

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