Retail News CRM

Tag: Wuhu

  • CapitaLand sells stake in CapitaMall Wuhu

    CapitaLand sells stake in CapitaMall Wuhu

    CapitaLand Retail China Trust (CRCT) and CapitaLand will divest their combined 100 per cent interests in CapitaMall Wuhu to an unrelated third party.

    Located in Wuhu city in China’s Anhui Province, CapitaMall Wuhu is a five-storey shopping mall of around 45,000sqm that has been closed since the third quarter of last year, following the exit of its anchor tenant.

    “The divestment of CapitaMall Wuhu is in line with our proactive asset-management strategy to optimise CRCT’s portfolio and enhance returns,” said CRCT Management Ltd CEO Tan Tze Wooi.

    “As our 51-per-cent stake in CapitaMall Wuhu accounts for less than 1 per cent of CRCT’s asset size, its sale is expected to have minimal impact on CRCT’s core business. The sale proceeds will provide CRCT with greater financial flexibility to take advantage of market opportunities. We remain on the lookout for strategic opportunities to reconstitute and strengthen our portfolio.”

    The transaction between the firms’ respective subsidiary and associate is based on the company’s adjusted net asset value – including (but not limited to) its interest in CapitaMall Wuhu of RMB210 million (US$31.25 million).

    After taking into account the estimated fees, taxes and other related expenses, it is estimated that the net proceeds from the divestment would be RMB90.6 million ($13.48 million). The net divestment proceeds may be used for reducing existing debt and/or financing general corporate or working capital requirements.

    CapitaLand Group’s president Lucas Loh commented: “The sale of CapitaMall Wuhu will unlock capital that can be redeployed to core assets in cities where CapitaLand enjoys scale and competitive advantage. We will stay disciplined in our capital-recycling efforts and continually review opportunities to optimise CapitaLand’s portfolio, which includes divestment of assets that are non-core or have limited growth.”

    The divestment of CapitaMall Wuhu is expected to be completed in the second half of this year.

    Following the divestment, CRCT’s portfolio will have 10 malls in seven Chinese cities, while CapitaLand’s retail network in China will comprise 51 malls in 21 cities.

    Lees ook:

  • CRCT and CapitaLand to divest their interests in CapitaMall Wuhu

    CRCT and CapitaLand to divest their interests in CapitaMall Wuhu

    CapitaLand Retail China Trust (CRCT) and CapitaLand today announced that their respective subsidiary and associate have entered into an agreement to divest their combined 100% interests in a company, which owns CapitaMall Wuhu, to an unrelated third party.  The transaction is based on the company’s adjusted net asset value, including but not limited to its interest in CapitaMall Wuhu of RMB210 million (about S$41.5 million).

    Mr Tan Tze Wooi, CEO of CapitaLand Retail China Trust Management Limited, said: “The divestment of CapitaMall Wuhu is in line with our proactive asset management strategy to optimise CRCT’s portfolio and enhance returns.  As our 51% stake in CapitaMall Wuhu accounts for less than 1% of CRCT’s asset size, its sale is expected to have minimal impact on CRCT’s core business.  The sale proceeds will provide CRCT with greater financial flexibility to take advantage of market opportunities.  We remain on the lookout for strategic opportunities to reconstitute and strengthen our portfolio.”

    Mr Lucas Loh, President (China & Investment Management), CapitaLand Group, said: “The sale of CapitaMall Wuhu will unlock capital that can be redeployed to core assets in cities where CapitaLand enjoys scale and competitive advantage.  We will stay disciplined in our capital recycling efforts and continually review opportunities to optimise CapitaLand’s portfolio, which include divestment of assets that are non-core or have limited growth.”

    Lees ook:

    Lees ook:

    Lees ook:

  • CapitaLand Retail China reports bumper quarter

    CapitaLand Retail China reports bumper quarter

    CapitaLand Retail China Trust has had a bumper quarter to September, its distributable income rising 14.2 per cent year on year.

    CRCT is the only China shopping mall Real Estate Investment Trust (REIT) based in Singapore, with a portfolio of 10 shopping malls located in Mainland China.

    CapitaLand Retail China Trust Management, which manages CRCT, says it achieved a distributable income of S$22.3 million for the period. Distribution per unit (DPU) was 2.64 cents, an increase of 12.3 per cent over a year ago.

    Chairman Victor Liew said China’s economy expanded 6.9 per cent year on year in both the third quarter and the first nine months of 2015, while retail sales in the first nine months of 2015 increased 10.5 per cent to RMB21.6 trillion.

    “With the Chinese government reiterating its commitment to rebalance its economy by driving domestic consumption, CRCT remains upbeat about China’s retail growth prospects.”

    CEO Tony Tan, CEO of CRCTML, said that during the quarter, the trust’s portfolio of malls registered 9.1 per cent growth in net property income as it benefitted from a favourable exchange rate.

    “Rental reversion for the quarter continued to be strong at 10.9 per cent, with the majority of our malls registering double digit growth. Portfolio occupancy as at 30 September 2015 was 94.8 per cent, while tenants’ sales and shopper traffic for the quarter increased 12.7 per cent and 2.4 per cent respectively year-on year.”

    The trust’s malls are CapitaMall Xizhimen, CapitaMall Wangjing, CapitaMall Grand Canyon, CapitaMall Shuangjing and CapitaMall Anzhen in Beijing; CapitaMall Qibao in Shanghai; CapitaMall Erqi in Zhengzhou, Henan Province; CapitaMall Saihan in Huhhot, Inner Mongolia; CapitaMall Wuhu in Wuhu, Anhui Province; and CapitaMall Minzhongleyuan in Wuhan, Hubei Province.

    “We continue to refresh and improve the trade mix within our multi-tenanted malls,” said Tan.

    “CapitaMall Xizhimen is adding more children-related products and services to cater to growing demand from young families with children. A section of the mall’s Level 3 will be reconfigured into a vibrant kids’ zone and new tenants catering to the varied needs of children, such as apparel stores and enrichment schools, will be added.

    “On the asset enhancement front, CapitaMall Wangjing will be commencing upgrading works to its façade in the coming months, and CapitaMall Grand Canyon is currently undertaking renovation works to improve its common amenities. All these initiatives will further enhance the overall appeal and shopping experience at our malls.”

    Lees ook: