PCRT to Acquire Stake in Chengdu Shopping Mall
Singapore-listed Perennial China Retail Trust has agreed to acquire a 50 percent stake in a shopping mall in Chengdu, China, for S$455 million (US$357.7 million) from Shanghai Summit Group (Summit Group), which will continue to hold the remaining 50 percent interest in Chengdu Longemont Mall.
The mall comprises about 455,260 square meters and is part of Summit Group’s 1.7 million square meters Chengdu Longemont mixed-use development project.
The Chengdu Longemont Mall is located adjacent to (and will be directly connected via its basement level by) the operational Chengdu East High-Speed Railway (HSR) Station, a newly built major transportation hub comprising the intercity high-speed railway and Chengdu city’s intracity subway, as well as long and short distance bus routes and taxi connections. A 12-square-kilometer area surrounding the Chengdu East HSR Station has been designated as Ch