Macquarie Global Property Advisor has sold its stake in a 20-storey office block in Shanghai for about US$170 million or US$5,600 per square metre - 75 per cent higher than the price the Australian fund paid for the property two years ago. Macquarie bought a 95 per cent stake in Platinum, formerly known as Shanghai Xin Mao Tower, on Taicang Road in Luwan district, from Singapore's CapitaLand for US$98 million or US$3,200 per square metre in January last year, sources said. The remaining 5 per cent stake is owned by a mainland party. 'Macquarie got a good exit recently with the sale of its holding to a German fund for US$5,600 per square metre,' the source said. Macquarie was not available for comment yesterday. The newly completed building has 32,200 square metres of space above ground, three basement levels and 142 parking slots. The sources said the German fund's acquisition indicates foreign investors' continued confidence in the Shanghai property market and Macquarie will use the proceeds to invest in other projects in China. Colliers International, the sole leasing agent of Platinum, said demand for grade A office space is strong in Shanghai with a vacancy rate of 2.45 per cent in the third quarter. The effective rental stood at about US$1.01 per square metre per day, up 9.78 per cent year on year. Meanwhile, Macquarie will soon complete the purchase of City Square Centre - an office-retail-hotel development - in Kuala Lumpur for US$206.5 million. The deal, through its MGP Fund II, is conditional on its buying Plaza Ampang, which is next to City Square Centre, from a related party of the vendor, Asia Pacific Land. The vendor in June signed a sale and purchase agreement to buy Plaza Ampang for HK$124 million from Hong Kong-listed Hon Kwok Land Investment. The deal will close on December 11.