Vibrant Group to acquire industrial land in Jiangsu Vibrant Group has acquired a 50-year leasehold industrial land at Changshu High Tech Industrial Park, in Jiangsu, China. It was acquired in a public land tender for RMB 24.1 million ($4.9 million). With a total land area of 76,553 sqm, the deal translates to a mean purchase price of RMB 315 psm. The acquisition is funded by internal resources. The deal was conducted through Vibrant Properties, a 60%-owned subsidiary company of Vibrant’s 80%-owned subsidiary, Fervent Industrial Development (Suzhou) Co.
Vibrant has an effective 48 per cent shareholding interest in the project. The property is located next to Fervent’s first completed Changshu Fervent Industrial Park in Changshu, consisting of six blocks of standard light industrial factory and five-storey multi-purpose facility. The land will be reserved for development of built-to-order industrial factories. The design and build of the factories will be customixed to the specification of tenants.