ESR (HKG:1821) unit ARA Asset Management is selling a high-grade, 20-storey office tower in Shanghai for 2.3 billion yuan, Bloomberg News reported Thursday, citing people familiar with the matter.
The asking price is 20% lower than when ARA purchased the building called the Platinum from CSI Properties (HKG:0497) in 2015, according to an annual report by the seller.
The Platinum is located in Xintiandi, a major shopping hub, the report said.
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