The 49/51 joint venture partnership between CapitaLand Ltd. and CapitaLand Retail China Trust completed the 3.36 billion yuan acquisition of the Rock Square mall in Guangzhou, China.
The parent and subsidiary companies bought all the shares in the company that owns the five-story shopping center, which is also one of the largest in the Haizhu district with a gross floor area of roughly 83,591 square meters, excluding car park.
As part of the deal, CapitaLand Retail China also issued 64,392,000 units priced at S$1.612 apiece in a private placement. The company used S$76.2 million of proceeds from the placement for the acquisition.
As of Jan. 30, US$1 was equivalent to 6.32 Chinese yuan and S$1.31.
