Bookmark & Share
CapitaLand Retail China Trust (CRCT) announced on Friday (15 September) that it has completed the sale of its entire stake in a company that owns CapitaMall Anzhen (pictured) in Beijing, China.
CapitaRetail Beijing Anzhen Real Estate was fully acquired by Beijing Hualian Anzhen Business Development Company for about RMB1.13 billion (S$230 million), which represents a 12.9 percent premium over the company’s valuation as of 30 June 2017.
Completed last Thursday, the divestment generated a net gain of RMB154.6 million (S$31.5 million) and net proceeds of RMB888.5 million (S$180.9 million).
According to CRCT’s manager CapitaLand Retail China Trust Management Limited (CRCTML), it sold CapitaMall Anzhen due to a number of reasons. Among them is that the shopping centre is master leased to BHG (Beijing) Department.
“CapitaMall Anzhen is master leased till 2025 with limited upside and increasing capital expenditure commitments. By unlocking the value of CapitaMall Anzhen at this stage, it will realise optimal value for our unitholders. The sale proceeds will also increase our financial flexibility to seize new growth opportunities,” said CRCTML’s chief executive Tan Tze Wooi.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
Related Articles:
Sofitel Singapore City Centre hotel to open in October