Soho China, the Beijing-based property developer that mainly targets high net worth individuals, is expanding its footprint in Shanghai with the recent acquisition of a 52-storey building from Morgan Stanley's real estate fund.

The Dong Hai Plaza, located at the heart of Shanghai's bustling Jing'an business district, is worth Rmb2.45 billion ($359 million), Soho said in a statement.

The building will be renamed as The Exchange-Soho upon completion of the sale and will be marketed to high-net-worth buyers who plan to lease office units to small and medium companies. It is one of the city's tallest skyscrapers with an above ground gross floor area of 71,671 square metres.

"By broadening our property portfolio to include prime areas in China's financial and trade centre, Soho benefits its client base of high-net-worth individuals with a greater diversity of channels for obtaining rental yield and appreciation potential," Soho China chairman Pan Shiyi said.

Soho will be paying cash for the property, with only $230 million to be covered by bank financing. Morgan Stanley Real Estate Funds bought the asset in 2006 for around Rmb2 billion.