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CapitaRetail buys stake in six malls
Last Updated(Beijing Time):2007-01-16 16:21
CapitaLand Ltd, Southeast Asia's biggest developer, announced yesterday that CapitaRetail China Development Fund, or CRCDF, a US$600 million closed-end private fund sponsored by CapitaLand, has acquired a 65 percent stake in six retail malls in China.

SZITIC Commercial Property Co Ltd, a subsidiary of Shenzhen International Trust & Investment Co Ltd, holds the remaining 35 percent, according to the statement.

The six new acquisitions, with a combined worth of about US$166.8 million and a total gross rentable area, or GRA, of more than 217,000 square meters, further strengthened CapitaLand's presence as a long-term retail player in China, the Singapore-based property giant said in a statement on its Website.

"With the six new acquisitions and Memorandum of Understandings signed to acquire over 35 retail malls in various provinces across China, we will more than double the number of malls owned and/or managed to over 70 and will also double our retail GRA managed to over 3.2 million square meters in China," said Pua Seck Guan, CEO of CapitaLand Retail Ltd.

The six malls are in Shunde and Zhaoqing in Guangdong Province, Yiyang in Hunan Province, as well as Xinxiang and Anyang in Henan Province, and Deyang in Sichuan Province.

CapitaLand has also signed MOUs with several Chinese companies to acquire more than 35 malls.

Those malls, in Beijing, the provinces of Guangdong, Sichuan and Shandong as well as the Inner Mongolia Autonomous Region, are worth a total of US$1.34 billion and have a combined GRA of 1.5 million square meters.

Meanwhile, CapitaLand has also injected into CRCDF its equity stake in 14 retail malls worth US$259.9 million. With five more malls to be injected in due course, CRCDF will own 25 across China with accumulated assets of US$1 billion.

CapitaLand Ltd also announced that CapitaLand Retail China Pte sold CapitaRetail China Developments (B) Pte Ltd to CRCDF.

Source:Shanghai Daily 
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