Link Real Estate Investment Trust is set to acquire its third property in a first-tier city in China with the Metropolitan Plaza in Guangzhou for approximately 4.07 billion Chinese yuan.
The REIT bought a 100% stake in the shopping mall at 8 Huangsha Road in the Pearl River Delta area, according to a release.
Metropolitan Plaza's total gross floor area spans approximately 88,726 square meters with 695 basement parking lots. Its retail occupancy is 94.1%, as of Feb. 28, and houses 219 tenants including international brands Decathlon, Nike, H&M, UNIQLO and Starbucks Coffee.
The acquisition aligns with the REIT's investment strategy that focuses on retail and commercial properties near transport lines in first-tier Chinese cities, according to George Hongchoy, CEO of Link Asset Management Ltd., the REIT's manager.
As of April 7, US$1 was equivalent to 6.90 Chinese yuan.