CapitaLand JV buys Rock Square mall in Guangzhou for $511m

CapitaLand and CapitaLand Retail China Trust (CRCT) have acquired Rock Square, a shopping mall in Haizhu District in Guangzhou, South China, for about $511 million.

CRCT is the majority shareholder with a 51 percent stake in the joint venture, while CapitaLand owns the remaining.

Rock Square totals 899,766 square feet, spanning up five stories with three levels above ground and two basement levels.

Haizhu District is Guangzhou’s second most populous urban district and it also ranks high in terms of disposable income per capita.

This is CapitaLand’s second mall and CRCT’s first in Guangzhou.

The transaction is expected to be completed during the first quarter of 2018.