Unit of Singapore's CapitaLand to buy China shopping mall for 336 mln sgd |
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Published
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Thu, 18 Oct 2007 06:08
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SINGAPORE (Thomson Financial) - CapitaRetail China Trust, a unit of Southeast Asia's biggest property developer CapitaLand Ltd, said it has agreed to buy the Xizhimen Mall, a shopping mall in Beijing, for 336 million Singapore dollars.The yield-accretive acquisition, CapitaRetail China's first since its listing in December last year, will increase the value of the trust's portfolio to 1.2 billion dollars, it said.'With the secured and proprietary pipeline of quality assets from CapitaLand-sponsored private China retail property funds, as well as from potential direct acquisitions from the market, CapitaRetail China is on track to achieve its target portfolio size of 3.0 billion Singapore dollars by 2009,' said Hsuan Owyang, chairman of CapitaRetail China Trust Management Limited, the manager of the trust.The mall has a gross rentable area of 73,857 square meters, 87.1 percent of which has current tenants. The property is expected to achieve a net yield of 5.7 percent next year and 6.4 percent in 2009.(1 US dollar = 1.46 Singapore dollars)TFN.Singapore@thomson.com-jb/ngCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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