U.S. investor sells shopping center in China
BlackRock has sold a shopping mall in Chengdu, China, to CapitaLand Retail China Trust, a Singapore-based REIT, for S$304.9 million ($225.7 million).
This will be CRCT’s 11th mall and its first in Chengdu, the provincial capital of Sichuan in western China. When the transaction is completed, the acquisition will enlarge CRCT’s portfolio size by about 14 percent to S$2.55 billion ($1.89 billion).
The six-story Galleria mall is located in the Xinnan Tiandi retail precinct of Gaoxin District in the south of Chengdu. Opened in 2010, the mall has a gross floor area of 577,150 square feet and 900 parking spaces. Major tenants include Harvest Cinema, H&M, Innisfree, Nike, Starbucks, Swarovski and UNIQLO.