Singapore’s BHG Retail buys Chinese mall
Singaporean real estate investment trust company BHG Retail will acquire a leasehold interest in a five-storey mall in Chinese Hefei.
Unitholder approval for the RMB328.3 million (US$48 million) acquisition passed at 99.96 per cent during an extraordinary meeting held by the REIT on December 18. BHG Retail will finance the deal, raising distribution per unit for the company’s expanded portfolio through borrowings, in the interests of raising its exposure to the growing city.
The Hefei Changjiangxilu Mall has 27,222sqm of net lettable area out of a gross floor area of 48,003.09sqm.