CapitaMall Nuohemule (Photo: CapitaLand)

CapitaLand Retail China Trust (CRCT) has opened the doors of its development property, CapitaMall Nuohemule in Hohhot, at 100% occupancy.

The asset was launched on 20 December 2020 with all committed tenants, numbering more than 200, opening for business on the same day.

The launch attracted a footfall of about 100,000 shoppers on the first day - close to four times the daily traffic of CapitaMall Saihan, said the REIT.

CapitaMall Nuohemule is a shopping mall with six levels above ground, and three basement levels.

It has a gross floor area including a car park of 100,047 square metres.

CRCT acquired CapitaMall Nuohemule from unrelated third parties in 2019 when the project was under development.

Following the mall’s opening, CRCT will be divesting CapitaMall Saihan, also in Hohhot, as part of a bundle deal to strengthen CRCT’s portfolio.

The divestment of CapitaMall Saihan is expected to be completed in 1H 2021.

The REIT’s full announcement on the milestone can be viewed here.

CRCT was last done on the SGX at SGD1.36, which implies a distribution yield of 4.44% according to data compiled on the Singapore REITs table.

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By Shariffa Al-Habshee

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