CapitaLand Investment to Launch Retail REIT in China With Assets Worth $500m

CapitaLand Investment (CLI) announced on April 17 that it intends to launch its first real estate investment trust (REIT) in China, to be named CapitaLand Commercial C-REIT (CLCR).

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The company said CLCR will be seeded with mature assets CapitaMall SKY+ in Guangzhou and CapitaMall Yuhuating in Changsha, with a combined value of about 2.8 billion yuan (S$500 million) and a total gross floor area of 168,405 sq m. The malls have an aggregate committed occupancy rate of 97 per cent.

CLI has applied to register the REIT with the China Securities Regulatory Commission (CSRC), and to list the REIT on the Shanghai Stock Exchange (SSE). The listing would mark the first time an international company has sought listing of a retail REIT on the SSE and the first such retail REIT by a Singapore-based company, if approved.