CRCTML announces acquisition of Galleria Chengdu with RMB1.5B

Authors: Go Chengdu

2016-08-19

CapitaLand Retail China Trust (CRCT) has entered into a sale and purchase agreement to acquire Galleria Chengdu.
The CapitaLand Retail China Trust Management Limited (CRCTML), the manager of CapitaLand Retail China Trust (CRCT), announced on April 19 that HSBC Institutional Trust Services (Singapore) Limited, the trustee of CRCT, has entered into a sale and purchase agreement to acquire Galleria Chengdu, which is located in the Xinnan Tiandi retail precinct of Hi-tech Zone, one of the most established shopping belts in Chengdu. It will be CRCT's 11th mall and its first in Chengdu. The acquisition is based on an agreed property value of RMB1.5billion (approx. USD304.9million).
Galleria Chengdu was constructed and developed by Kardan Land Co., Ltd. and is now operated by Kardan Land (Chengdu) Asset Management Co, Ltd. It has been jointly owned by Kardan Land and BlackRock Inc. since August 2011.

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