Link REIT Acquires Mall in Guangzhou, China
June 7, 2021 – Link REIT announced that it has acquired Happy Valley Shopping Mall in Tianhe, Guangzhou, China. This is the REIT’s 7th investment in Mainland China and the second in Guangzhou.
Link REIT said the agreed property value of the mall is at 3.2 billion RMB (US$500 million) with a monthly passing income of RMB 10.6 million (US$1.66 million).
The REIT said the new acquisition is expected to enhance their potfolio quality with sustainable income. At present, Link REIT’s portfolio is still 80% comprised of Hong Kong properties. 3.7% of its portfolio is on overseas office, 13.5% on retail properties in Mainland China and 3.1% on office assets in Mainland China.
Link REIT aims to reposition the new acquisition as an integrated leisure destination for affluent modern families through upgrading tenant mix and expanding product and service offerings
It also plans to Re-layout, fit out and re-open vacant department store and pgrade existing shops with young and trendy brands.
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