CapitaMalls Asia acquires 10th mall in Beijing

CapitaMalls Asia Limited has won a tender to acquire Grand Canyon Mall in Beijing, China for RMB 1.74 billion (S$356.6 million).

The acquisition is subject to approval of the Chinese government.

In a news release, the company said the Grand Canyon Mall is an operating mall located in the Fengtai District. The area has a population of about 2.2 million and is one of six core districts in Beijing.

Located in the south of Beijing City, the Fengtai District has been identified by the Beijing government for accelerated economic growth, which would likely boost its retail growth prospects.

CapitaRetail China Trust, a real estate investment trust under CapitaMalls Asia, will acquire the mall as part of an existing agreement between the two entities.

CapitaMall Asia’s CEO Lim Beng Chee said this arrangement will allow the firm to reserve its balance sheet capacity for other opportunities while it continues to grow its assets under management and leasing network.

Grand Canyon Mall will be the company’s tenth mall in Beijing, where nine are operational and one is still under development.

All together, the company now has 61 shopping malls in 36 cities in China, of which 51 are operational while the other 10 are under development.

Source : Channel NewsAsia – 15 July 2013

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