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Located in Guangdong, Doumen Metro Mall has a gross floor area of around 168,269 sq m.
Dasin Retail Trust is acquiring Doumen Metro Mall in China for 1.374 billion yuan ($274.8 million).
This comes after its trustee manager entered into a sale and purchase agreement (SPA) with Zhang Zhencheng, chairman and non-executive director of the trustee manager and Zhongshan Dasin Real Estate – the sponsor.
Located at 328 Zhongxing Middle Road, Jingan town in Doumen district of Zhuhai, Guangdong province, the property comprises six levels above ground and two levels of underground car park space. It has a gross floor area (GFA) of around 168,269 sq m, and a net lettable area of around 75,638 sq m.
The mall, which began operations in October 2018, has weighted average lease expiry (WALE) of 5.8 years by gross rental income for the month of March 2019, and a WALE of 11.9 years by NLA.
The trustee manager intends to fund the acquisition via a mix of equity and debt financing, while proposing a private placement of units in Dasin Retail Trust under an illustrative issue price of $0.836 in order to raise around S$68.8 million in gross proceeds and to draw down around $210 million in bank borrowings.
The SPA sees Dasin Retail Trust acquiring the property and all the shares under Singapore Jiaxin Commercial Holdings (SJCH).
SJCH is the designated holding company of Jia Xin Holdings, which in turn fully owns Zhuhai Xinminyang Investments (ZXI). ZXI controls the mall itself as well as the mall’s rental management firm, via its wholly-owned Singapore holding companies.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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