CapitaLand Retail China Trust sells Wuhan properties for $40m

Capitaland Retail China Trust has plans to sell CapitaMall Minzhongleyuan and three sets of vacant premises to an unrelated third party for $39.91 million, according to media outlets.

CapitaMall Minzhongleyuan is a heritage building constructed in 1919 that is located in the Jianghanlu business district, a short walk from Wuhan’s renowned entertainment and shopping belt along the Jianghanlu pedestrian street. The mall is accessible via metro line 1 from the nearby Youyi Road station, and metro lines 2 and 6 from the Jianghan Road station. As one of Wuhan’s oldest retail and cultural centers, the mall offers the unique appeal of rich iconic architecture. With a tenant mix ranging from anchors such as UA Cinema to Ucommune, the mall is positioned as a thematic destination for work and leisure.

It has six levels of retail and one level of basement parking garage, totaling 41,717 square meters (449,000 square feet).

The divestment is expected to be completed in