Sasseur Reit to resume full operations on Sunday with reopening of last 2 China malls

SASSEUR Real Estate Investment Trust (Sasseur Reit) will resume full operations when its two remaining closed China outlet malls reopen on March 15.

Local authorities have given approval for it to reopen the Chongqing and Bishan outlet malls, its manager said in a bourse filing on Friday.

It had reopened its Kunming outlet mall on March 11 and Hefei outlet mall on March 13.

The temporary mall closures had started on Jan 26, 2020, and were implemented due to the novel coronavirus outbreak in China.

The Reit's manager said the financial impact to the Reit should not be material for the full year due to the relatively short closure period of about seven weeks.

During the closure period, Sasseur Reit had continued to receive the fixed component of its income from the sponsor. The component forms the majority of distributable income and provides stable returns for investors, Sasseur Reit said.

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It also continued to receive the variable component, which is pegged to actual sales.

Sasseur Reit units closed down four Singapore cents or 5.6 per cent to 67.5 cents on Thursday.