| From Propertyeu.info: RREEF's acquisition of an office building in the Chinese city of Dalian for its grundbesitz-global fund marks the first property deal in China on behalf of one of the German group's open-ended funds. The office property was acquired from Hong Kong property group Shui On Group for EUR 105 mln. The 40-storey 'Xiwang Tower' has around 68,000 m2 of office space as well as parking facilities for 400 vehicles.
'Dalian is an important business hub with strong growth prospects. We consider Xiwang Tower to be an attractive long-term investment and one of just two buildings in the city that meet our international investment criteria. We don’t think there will be any buildings of comparable quality coming to market there before 2011,' said Holger Naumann, head of RREEF in Germany..... Full Article: Source
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