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 .
The five business park properties are located in Suzhou, Xian and Hangzhou, while Rock Square is located in Guangzhou, the real estate investment trust's manager said in a bourse filing on Friday. 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.
Following the acquisition, CRCT's enlarged portfolio will consist of 18 properties, with its gross floor area increasing by 76 per cent to about 1.8 million square metres. Assets under management will uplift by 28.5 per cent to about S$4.5 billion, while net property income will grow substantially by 54.1 per cent on a pro forma H1 2020 basis, he added.