CRCT buys Grand Canyon Mall from CMA for 1.8b yuan

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.