CapitaRetail China Trust (CRCT) has agreed to buy a mall in the Chinese capital of Beijing. The S$336 million purchase will mark CRCT's first acquisition since its listing on the Singapore Exchange last year.
Xizhimen Mall has a gross rentable area of almost 74,000 square metres.
The deal will grow CRCT's portfolio asset size to almost S$1.2 billion, up from the current S$763.7 million. CRCT is aiming to build its portfolio to S$3 billion by 2009.
The property is expected to achieve a net property income yield of 5.7 percent in 2008. - CNA/ms
CapitaRetail China Trust, a shopping mall trust managed by Singapore developer CapitaLand
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