Strait Times
Singapore-listed mall owner and operator CapitaMalls Asia (CMA) has won a tender to acquire Grand Canyon Mall in Beijing for 1.74 billion yuan (S$356.6 million).
The mall, which was put up for sale by Capital Airport Real Estate Group Co, will be CMA’s 10th in China’s capital city, the company said on Monday.
Including acquisition-related expenses, CMA’s total investment for the mall is expected to amount to 1.82 billion yuan, or about 26,000 yuan per sq m, the company said. Grand Canyon Mall has a total gross floor area of about 70,000 sq m, excluding the 403-lot car park.
The mall is currently about 93 per cent occupied by tenants including Carrefour, Poly Cinema, H&M, Gap, Sephora and Watsons, CMA said. The acquisition is subject to the approval of the Chinese government.