CAPITALAND-linked entities have taken full ownership of 22 retail malls in China under an asset swap deal.
The asset swap arrangement is between two sponsored funds – CapitaRetail China Development Fund and CapitaRetail China Development Fund II – of the Singapore property giant and China’s SZITIC Commercial Property Co (SCP).
The two development funds, which already own 65 per cent of 16 retail projects, gained full control of them by taking over SCP’s 35 per cent stake. They also took over SCP’s 49 per cent interest in six other projects. Of these six projects, CapitaRetail China owns an existing 51 per cent stake in five of them and CapitaRetail China Trust (CRCT) holds an existing 51 per cent stake in the sixth.
In return, the two funds handed their 65 per cent stake in four retail projects and their half-interest in Shenzhen’s Xiangmihu Mall to SCP.
The arrangement also involved the development funds and SCP divesting their respective 65 per cent and 35 per cent equity stakes in six land parcels for which no substantial development work has commenced. The cooperative agreement with SCP will be terminated as the parties are moving in different strategic directions. Continue reading
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