Chinese retailer sells 11 properties
Suning Commerce Group, one of China’s biggest appliance retailers, has plans to sell an 11-property retail portfolio in a sale-leaseback transaction to Citic Securities Co.’s REIT. The sales price is estimated to be $653.5 million.
The portfolio consists of 2.05 million square feet located in China’s cities of Beijing, Changzhou, Chongqing, Chengdu, Kunming, Wuhan and Xian. The largest malls of the portfolio are the 1.8 million-square-foot center located at Chunxi Road in Chengdu and the 286,116-square-foot Chongqing Guanyinqiao.
According to an article by Forbes, the sale was part of Suning’s re-management objective after reporting l