Hong Kong-listed Link REIT announced on 10 April that it has acquired Metropolitan Plaza at 8 Huangsha Road in Guangzhou, China, for RMB4,065 million (USD588 million).
The purchase marks Link REIT’s third acquisition on the country's mainland.
Metropolitan Plaza is located in Guangzhou’s Liwan district, and has a catchment area of about 3,000 high-end residential units, said Link REIT.
The property features as a total gross floor area of approximately 88,726 square metres with shopping facilities from basement level one to the third floor.
Construction of the mall was completed in 2011, and the property began operating in the following year.
As at 28 February 2017, Metropolitan Plaza’s Retail occupancy stood at 94.1% with 219 tenants including Decathlon, Nike, H&M, UNIQLO and Starbucks.
“We plan to further strengthen its footfall and rental growth through a repositioned tenant mix and enhanced product and service offerings to serve the needs of Liwan’s growing middle class”, said George Hongchoy, CEO of the REIT’s manager in a statement on the acquisition.
Units of Link REIT last changed hands on the Hong Kong Stock Exchange at HKD55.30.