Grosvenor sells stake in Shanghai mall for $202m
Grosvenor Vega China Retail Fund, managed by Grosvenor Asia Pacific, has sold its interest in the Parkside Plaza mall in Shanghai’s Putuo district for $202 million. The new owner is Joy City Property.
The Parkside Plaza was the fund’s first acquisition in 2010, with an investment of $254.9 million. Grosvenor renovated and repositioned the mall, reopening the property in 2011.
Parkside Plaza totals more than 1.4 million square feet, and the mall recently opened a Legoland Discovery Center.
The Shanghai retail transaction market has been active this year, despite the trend of e-commerce putting malls in China under pressure. In October, Keppel Land China acquired a retail development in Shanghai’s Jiading District for $71.5 million. And in August, Joy City sold a 49 percent stake in six mixed-use projects in China to an investment fund controlled by Singapore’s GIC and insurance company China Life for $1.4 billion.