Dasin Retail Trust to buy China mall for 1.37b yuan

Singapore

MAINBOARD-LISTED Dasin Retail Trust will purchase Doumen Metro Mall in China for 1.374 billion yuan (S$274.8 million), funded with a mix of debt and equity, its trustee-manager announced on Sunday night. The acquisition is considered an interested-person transaction.

On June 30, the trustee-manager signed a sale-and-purchase agreement (SPA) with Zhang Zhencheng, who is its chairman and non-executive director, and the sponsor, Zhongshan Dasin Real Estate.

The trustee-manager plans to fund the acquisition by drawing down S$210 million in bank borrowings, and through a proposed private placement of new units in Dasin Retail Trust at an illustrative issue price of S$0.836 to raise around…