The property giant now has a retail network of five malls in South China.
CapitaLand Retail acquired management contracts for two China malls. The property firm’s shopping mall business will head the retail component of The Grand City in Guangzhou and a low-rise shopping mall in Quingyang District, Chengdu, an announcement revealed.
On behalf of Guangzhou Wan Shun Investment Management, CapitaLand Retail will manage the retail component of The Grand City which is an integrated development in Wanbo CBD in Panyu District. The contract sealed CapitaLand’s retail network in South China with five malls where three of which are in Guangzhou that has a total retail GFA of 3.6m sq ft.
The firm’s Guangzhou portfolio includes CapitaMall SKY+ and CapitaMall Rock Square, which it completed acquisition in January.
Meanwhile, the low-rise shopping mall in Chengdu is owned by Chengdu Lide Commercial Industrial. It is located less than two kilometres from Tianfu Square in Chengdu’s city centre.
“With these new contracts, CapitaLand will further strengthen our leasing synergies across the portfolio of malls and increase our reach to the high-growth retail markets in Guangzhou and Chengdu,” CapitaLand Retail CEO Wilson Tain said.
CapitaLand is looking into opening five malls in China, spanning a total retail GFA of about 4.2m sq ft. by 2018. It includes CapitaMall LuOne and Alibaba Shanghai Center in Shanghai, CapitaMall Tiangongyuan in Beijing, CapitaMall 180 in Foshan and CapitaMall ONE in Changsha.
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