MAINBOARD-LISTED Dasin Retail Trust on Friday said it has completed its acquisition of Doumen Metro Mall in China, costing a total of around S$274.8 million.
Following the move, the trust owns all the equity interests of Jiaxin Commercial Holdings , the trustee-manager said in a regulatory update. The S$274.8 million amount comprises a purchase price of S$61.3 million; a repayment of existing indebtedness of Doumen Holdco and its subsidiaries of S$201.2 million; some S$10.3 million in professional and other fees and expenses in connection with the acquisition; and an acquisition fee of around S$2 million paid in units to the trustee-manager.
Dasin Retail Trust will also take over a lease agreement with interested party Zhuhai Doumen Xinxuan Food Services , with relates to the leasing of some 4,064 square metres of retail space in Doumen Metro-Mall for a term of 12 years from Aug 16, 2018.Rental and associated fees from the Doumen Xinxuan lease, along with fees payable and expenses to be reimbursed, will be S$13 million. This is approximately 1.
The terms of these agreements are similar to existing property management and commercial management agreements entered into by Dasin Retail Trust with the same parties regarding four properties in the trust’s portfolio.
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