Spring REIT buys China’s Guangdong Province mall for $240m

Spring REIT has reached a deal to buy a shopping mall in China’s Guangdong Province for approximately 1.65 billion Chinese yuan ($240.92 million).

Spring REIT is buying the property via a purchase of Blue Chrysalis Ltd., which owns the mall, and the seller is Huamao Focus Ltd., a unit affiliated with China-based Huamao Group.

The asset is Huamao Place in Huizhou City, which is a seven-story shopping mall, including two basement floors and 677 underground and 44 above-ground car park spaces.

Spring REIT owns and invests in income-producing real estate primarily in Mainland China, while seeking yield-accretive investment opportunities globally. Spring REIT is the first Hong Kong REIT to offer direct exposure to two premium-grade office buildings strategically located in the central business district of Beijing, and is also the first Hong Kong REIT to have made an acquisition in the United Kingdom.