Croesus Retail Trust secures anchor tenant at Mallage Shobu property

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Singapore-listed retail landlord, Croesus Retail Trust, has secured an anchor tenant at its Mallage Shobu property in Saitama, Japan, with the coming onboard of international fashion retailer H&M.

The H&M store will occupy a retail space of approximately 1,500 square metres on the ground floor of the shopping mall, which was previously occupied by two separate fashion retailers.

The tenancy makes H&M one of the top ten tenants at Mallage Shobu in terms of net lettable area, and the store is expected to open on 31 August 2017.

Mallage Shobu is the second largest retail facility in Saitama Prefecture with 227 retail tenants across a net lettable area of approximately 68,074 square metres.

In conjunction with an asset enhancement initiative in June 2015, Croesus Retail Trust also completed a tenant renewal exercise at Mallage Shobu to enhance its appeal.

As at 31 March 2017, the property’s occupancy rate was at 97.3%.

“The introduction of this major fashion brand will serve to refresh the overall retail experience for shoppers and further boost Mallage Shobu’s attractiveness as a key retail destination”, said Jim Chang, CEO of Croesus Retail Trust’s trustee-manager.

Units of Croesus Retail Trust are currently listed on the Singapore Exchange at SGD1.00.

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Ridzwan Rahmat has been analysing Singapore-listed REITs and business trusts, since 2008. For disclosure purposes, Ridzwan is currently vested in Mapletree Greater China Commercial Trust, Mapletree Industrial REIT and Mapletree Logistics Trust.

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