CapitaMall Erqi (Photo: CapitaLand)

CapitaLand Retail China Trust (CRCT) has completed the disposal process for CapitaMall Erqi.

The property was disposed of by the REIT for RMB850.9 million (SGD165 million), which is a premium of 20% above independent valuations.

As reported by REITsWeek in February 2020, the REIT decided to divest its interest in the property given increasing capital expenditures, and the looming termination of master lease arrangements at the mall.

Related: CapitaLand’s China REIT disposes mall at 20% premium

The divestment was done by transferring interests in a special purpose vehicle that holds the property.

With the divestment (CRCT) now holds a portfolio of 13 retail properties across China.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.