Perennial China Retail Trust Management will purchase a 50 percent stake in Chengdu Longemont Shopping Mall Development, a shopping mall in Chengdu, China. The trustee-manager of Perennial China Retail Trust (PCRT) will pay a total of $358.78 million to Shanghai-based independent property and mortgage broker Royal Summit Group, who will continue to hold the remaining stake in the mall.
The transaction has been made through a wholly-owned subsidiary of PCRT Perennial China Retail. The deal is likely to be fully debt-funded. The mall may commence operations in the third quarter of 2014.
Click here for the release from Perennial China Retail Trust Management.
China Mall Royal Summit Group Shanghai Perennial China Retail Trust Management Perennial Trust