CapitaLand China Trust (CLCT)  has sold its entire equity interest in CapitaRetail Beijing Shuangjing Real Estate, the holding company of CapitaMall Shuangjing, to an unrelated third party for RMB842m (€107m).

The transaction was expected to generate net proceeds of approximately RMB690.7m, according to Capitaland China Trust Management Ltd (CLCTML).

Tan Tze Wooi, CEO of CLCTML said: “Proceeds from the divestment will strengthen CLCT’s balance sheet and provide greater financial flexibility to pursue capital recycling and portfolio reconstitution initiatives.”

Tan said CapitaMall Shuangjing was a predominantly master-leased mall that would require significant capital outlay and planning downtime to repurpose the building and remain competitive.

Upon completion of the divestment, CLCT will own a portfolio of 10 shopping malls, five business park properties and four logistics park properties located in 12 cities in mainland China.

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