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CapitaLand Retail closes acquisition of interests in 3 China malls

CapitaLand Retail China Trust completed its acquisition of direct interests held by Singapore-based CapitaLand Ltd. in three shopping malls in China.

As part of the transaction, the Singapore-based property group sold direct interests in the CapitaMall Xuefu, CapitaMall Aidemengdun and CapitaMall Yuhuating properties. The group said in June that it expected proceeds of about S$239.9 million and a net gain of roughly S$37.6 million from the stake sales.

The deal involved the transfer of CapitaLand Ltd.'s direct interests in CapitaMalls Hunan Commercial Property Co. Ltd., CapitaRetail Harbin Shangdu Real Estate Co. Ltd. and Beijing Hualian Harbin Real Estate Development Co. Ltd., which respectively held the properties. Following the transaction, the group will continue to hold a 34.4% stake in the properties through its interest in CapitaLand Retail China Trust, according to a news release.

As of Aug. 30, US$1 was equivalent to S$1.39.