CRCT proposes to buy five business parks, remaining stake in mall for 4.95b yuan

Vivienne Tay

Published Fri, Nov 6, 2020 · 12:58 AM

THE manager of CapitaLand Retail China Trust (CRCT) has proposed to buy five business park properties and the balance 49 per cent interest in its Rock Square mall asset for an agreed property value of about 4.95 billion yuan (S$1.01 billion) from related parties.

The five business park properties are located in Suzhou, Xian and Hangzhou, while Rock Square is located in Guangzhou, the real estate investment trust's (Reit) manager said in a bourse filing on Friday. This makes the proposed acquisition CRCT's largest to date.

Total acquisition cost is estimated at about S$822.4 million, subject to post-completion adjustments, said the Reit's manager.

CRCT is looking to acquire a 51 per cent interest in the Ascendas Xinsu portfolio in Suzhou. In Xian, it is proposing to buy an entire stake in Ascendas Innovation Towers and an …