SINGAPORE - The manager of CapitaLand Retail China Trust has proposed to buy five business park properties and the balance 49 per cent interest in its Rock Square mall asset for an agreed property value of about 4.95 billion yuan from related parties.
Tan Tze Wooi, chief executive of the manager said the acquisition is the Reit's largest to date and represents a transformative milestone in continuing efforts to diversify and strengthen CRCT's portfolio. On its Rock Square proposed investment, the manager said the mall has achieved double-digit positive rental reversions in 2018, 2019 and the year-to-date September 2020. It continues to demonstrate resilience post the Covid-19 lockdown, it added.
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