CapitaLand gets nod from SGX to list China REIT

CapitaLand has received approval to list its CapitaRetail China Trust on the main board of the Singapore Exchange.The private trust set up by CapitaLand will be the first China retail Real Estate Investment Trust in Singapore.CapitaRetail China Trust has an initial portfolio of seven retail malls located in five cities across China.

The portfolio is valued at S$690 million and has a total gross rentable area of 413,000 square metres.

The seven assets are Wangjing Mall, Jiulong Mall and Anzhen Mall in Beijing, Qibao Mall in Shanghai, Zhengzhou Mall in Zhengzhou, Jinyu Mall in Huhehaote and Xinwu Mall in Wuhu.

Up to 46.7 percent of the trust, currently held by CapitaLand, will be offered to institutional and other investors as well as the general public in Singapore.

CapitaMall Trust will invest S$93.3 million for 20 percent of the units.

Through CapitaMall Trust and a unit named Retail Crown Pte Ltd, CapitaLand will hold an effective 26.3% interest in CapitaRetail China Trust.

Other strategic investors in CapitaRetail China Trust include insurer Great Eastern.

Source: Channel NewsAsia, 23 October 2006

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