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Sasseur Reit acquires shop units at Hefei Outlets for 98.3m yuan
SASSEUR Reit has signed sale & purchase agreements to acquire additional shop units with existing tenancies at the annex block of Sasseur (Hefei) Outlets from third-party vendors for 98.3 million yuan (S$19.8 million).
This represents a discount of approximately 4.1 per cent compared to the valuation.
The shop units comprise a gross floor area (GFA) of 6,133.84 square metres and an occupancy rate of 100 per cent as at Apr 24, as well as a weighted average lease expiry (WALE) of 5.4 years. The acquisition - which will be fully funded by existing cash - will boost Sasseur Reit's ownership of the Hefei Outlets from 77.8 per cent to 81.2 per cent by GFA.
Anthony Ang, chief executive of the Reit's manager, said: "The shop units complement and enlarge the existing tenancies of Hefei Outlets and will increase the number of customers visiting Hefei Outlets. The long WALE also provides income stability. The acquisition will provide us with greater scope and flexibility in undertaking asset management initiatives at Hefei Outlets and optimising the tenant mix over time, in addition to increasing the net income for Hefei Outlets."