ARA Asset Management announced the proposed joint acquisition of Sanlin InCity, a retail mall located in the Sanlin District of Pudong, Shanghai, via one of its private real estate funds. ARA will partner with SRE Venture 16 Pte. Ltd., a wholly owned subsidiary of Straits Real Estate Pte. Ltd., and Fine Process Ltd., a wholly owned indirect subsidiary of ICBC International Holdings Ltd., to acquire the asset.
Sanlin InCity is a strategically located neighborhood mall served by various transportation modes. It is the only competitive mall with a strong population catchment of more than 400,000 and no new supply within a three-kilometer (1.9-mile) radius is forecasted over the next three years. The vicinity comprises primarily middle- to high-income families and a large catchment of office workers from the nearby Qiantan Financial District, the second Lujiazui of Shanghai, which form a strong and stable consumer base. Refurbished and reopened in fourth quarter 2018, Sanlin InCi
