Singapore-listed, China-heavy retail REIT, CapitaLand Retail China Trust (SGX:AU8U) has achieved a distribution per unit (DPU) of 2.59 Singapore cents for its 4Q 2015, 4.4% higher than the 2.48 cents for 4Q 2014.

As a result, DPU for FY 2015 was 10.60 cents, an increase of 7.9% over the 9.82 cents for FY 2014. The results arrived on the back of a distributable income of SGD89.2 million for FY 2015, an increase of 10.3% over the SGD80.9 million for FY 2014.

“In 2015, China’s economy grew 6.9% year-on- year, and its retail sales expanded 10.7% to RMB30.1 trillion”, said Victor Liew, Chairman of the REIT’s manager. “China’s slower growth is reflective of an economy undergoing transition, but it is expanding from a much larger base now and its growth is still considerably faster than those of most other economies”, he said, adding that the REIT’s malls are well-placed to benefit from China’s growing urban population and rising retail sales.

Portfolio occupancy as at 31 December 2015 was 95.1%, while rental reversion for the full year was 8.1%. Portfolio weighted average lease expiry (WALE) was 6.1 years and 8.2 years by total rent income and net lettable area respectively.

“We will continue to strengthen our malls’ tenant mix and uplift the shopping experience through continual asset enhancement initiatives to remain relevant and attractive to the communities we serve”, said the REIT.

Units of CapitaLand Retail China Trust last changed hands on the Singapore Exchange at SGD1.45