Transactions - MAY 3, 2016

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U.S. retail REIT opens mall China

by Andrea Waitrovich

Taubman Asia, a subsidiary of U.S. mall operator Taubman Centers, and Wangfujing Group Co. have completed development of the CityOn.Xi’an Shopping Center in northwest China.

The seven-level, nearly 1 million-square-foot CityOn.Xi’an shopping center, located in Xi’an, China, opened April 28.

CityOn.Xi’an is about 95 percent leased and approximately 80 percent occupied. The center is anchored by Wangfujing Department Store and offers a collection of domestic and international designer and lifestyle brands. In addition, the mall provides seated and quick-service restaurant formats, and entertainment venues include Oscar International Cinema, Nobleman Training Club and Cartoony World. A 2,200-space parking garage is included.

CityOn.Xi’an shopping center is the first of three Asian shopping centers being developed by Taubman. In 2014, Taubman Asia announced plans to commit $600 million to projects in Asia.  


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