CapitaMalls Asia is acquiring the remaining 50% stake each in the Minhang Plaza and the Hongkou Plaza in Shanghai. The Asian shopping mall developer will pay a total of about $789 million for the acquisition. The buyer will pay $262.6 million for Minhang, which is 98% leased, and $526.4 million for Hongkou that is 90% rented out. Currently, CapitaMalls Asia owns a 15% interest in Minhang Plaza through its 30% stake in the CapitaRetail China Incubator Fund and a 22.5% interest in Hongkou Plaza through its 45% stake in the CapitaMalls China Income Fund.
Click here for the release from CapitalMalls Asia.