CapitaLand China Trust Sells Mall, Takes Stake in Upcoming C-REIT
CapitaLand China Trust is selling CapitaMall Yuhuating in Changsha, China:
The trust will sell the asset at a floor price of 748 million yuan, based on independent valuations. Gross proceeds from the transaction are expected to reach 738.5 million yuan, with net proceeds of about 595.3 million yuan after deducting transaction costs and the subscription amount.
Part of the proceeds will be redeployed into CapitaLand Commercial C-REIT:
From the gross proceeds, CLCT intends to allocate around S$20.7 million to subscribe for 5 per cent of the commercial real estate investment trust’s (C-Reit) initial public offering (IPO) units. The subscription will be subject to a five-year lock-up period.