Hong Kong’s Link REIT has acquired a 50% interest in Shanghai Qibao Vanke Plaza shopping mall for RMB2.77bn (€353m) from affiliates of China Merchants Bank and Chinese developer Vanke.
The 149,000sqm, five-storey, mall was completed in 2016, and it is located at Qibao Town, Minhang District, Shanghai.
The acquisition marked the entry to Shanghai for the Hong Kong REIT and lifts the number of its shopping malls in the Chinese Mainland to six.
Link’s chief executive officer, George Hongchoy, said: “The acquisition is in line with Link’s investment strategy to invest in yield-accretive and income-producing real estate which has potential for long-term growth. “
Link REIT, which first listed in Hong Kong in 2015, has an investment portfolio, mainly located in Hong Kong, with a total value of HK$199bn (€21bn).
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