CapitaLand Retail China Trust Sells Beijing Mall

By Gaurav Raghuvanshi Features Dow Jones Newswires

CapitaLand Retail China Trust (AU8U.SG) Thursday said it has signed a deal to sell a Chinese unit that owns a mall in Beijing for 1.13 billion yuan (US$167.3 million).

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The real-estate investment trust will make a net gain of CNY154.6 million from the sale and intends to use the proceeds to invest in better-yielding projects, according to a statement to Singapore Exchange.

CapitaLand Retail said the Beijing mall is master leased until 2025 with limited potential to grow earnings and increasing capital expenditure requirements. The sale will help "realize optimal value" for shareholders, it said.

Write to Gaurav Raghuvanshi at gaurav.raghuvanshi@wsj.com

SINGAPORE--CapitaLand Retail China Trust (AU8U.SG) on Thursday said it has signed a deal to sell a Chinese unit that owns a mall in Beijing for 1.13 billion yuan (US$167.3 million).

The real-estate investment trust will make a net gain of CNY154.6 million from the sale and intends to use the proceeds to invest in better-yielding projects, according to a statement to Singapore Exchange.

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CapitaLand Retail said the Beijing mall is master leased until 2025 with limited potential to grow earnings and increasing capital-expenditure requirements. The sale will help "realize optimal value" for shareholders, it said.

Write to Gaurav Raghuvanshi at gaurav.raghuvanshi@wsj.com

(END) Dow Jones Newswires

July 26, 2017 20:07 ET (00:07 GMT)