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.
To read the latest IPE Real Assets magazine click here.