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Yuexiu REIT trustee agrees to sell portion of commercial complex for 1.18B yuan

Yuexiu Real Estate Investment Trust's trustee, HSBC Institutional Trust Services (Asia) Ltd., agreed to sell a portion of the Yue Xiu Neo Metropolis Plaza commercial complex in China's Guangdong Province to Singapore's Metro Guangzhou Investment Pte. Ltd. for roughly 1.18 billion yuan.

Yue Xiu Neo Metropolis spans approximately 61,960 square meters of gross floor area, with a gross rentable area of 49,887.3 square meters. Metro Guangzhou will purchase about 72.3% of the property's gross floor area.

The deal is expected to close on or before Dec. 21.

Yuexiu REIT's manager, Yuexiu REIT Asset Management Ltd., plans to use the roughly 1.00 billion yuan net proceeds expected from the sale to fully settle the deferred consideration for its purchase of a 67.0% stake in an integrated development in Wuhan, China, with the balance to be used for financing future acquisition opportunities and general corporate purposes.

As of Dec. 14, US$1 was equivalent to 6.91 yuan.