CRCT buys Grand Canyon Mall from CMA for 1.8b yuan
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
CAPITARETAIL China Trust (CRCT) has exercised its call option and signed a deal with CapitaMalls Asia (CMA) to buy Grand Canyon Mall in Beijing, having fulfilled two conditions for its purchase.
The two conditions were for CMA to obtain approval from the Chinese government for the purchase, and for CRCT's own necessary financing to be in place.
Total investment for the mall is expected to be about 1.82 billion yuan (S$368 million), a touch lower than CBRE's valuation of 1.83 billion yuan in April. This works out to about 26,000 yuan per square metre.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
OCBC is said to emerge as lead bidder for HSBC Indonesia assets
Middle East-linked energy supply shocks put Asean Power Grid back in focus
Eurokars Group introduces rental car franchises Enterprise Rent-A-Car, National Car Rental, and Alamo to Singapore
