Singapore’s CapitaLand Investment (CLI) has purchased a 10-building office project in Shanghai from New York-based developer Tishman Speyer for 7.6 billion yuan ($1.1 billion).

The asset, known as the Springs Center, has been acquired by CLI’s yuan-denominated fund China Business Park Core RMB Fund II (CBPCF II), which is co-managed by an affiliate of one of its anchor investors, according to statements from the company.

Located in Yangpu district of China’s financial hub, the first phase of Tishman’s megaproject The Spring spans 200,000 square metres and was opened between 2014 and 2019. The LEED Gold-certified project will occupy 900,230 square metres and accommodate grade-A office, residential, hotel, restaurant, and entertainment spaces upon completion of all three phases. The mixed-use office campus was 99% leased to global companies, including Nike and Germany-based consumer goods company Henkel. 

“We set out to create a vibrant mixed-use community, powered by the world’s most technologically advanced companies over a decade ago,” said Rob Speyer, CEO of Tishman Speyer in a recent statement. “CapitaLand’s investment is a testament to the tremendous success of our vision.”

CBPCF II was launched in November 2022 together with China Business Park Core RMB Fund I, the onshore fund had raised $3.6 billion ($524 million) from six new local investors as of November 2022. 

CLI aims to deploy capital from both of the vehicles in business parks across China, which will bring in addition of $1.1 billion to its funds under management when fully invested. The fund series had notched a combined $3.9 billion for the series at the time of the announcement.