SCPG to acquire 50% interest of CITIC Capital’s Changsha mall
The two firms signed an agreement for the acquisition.
Commercial estate investment, SCPG, has signed an agreement with real estate group, CITIC Capital Holdings Limited, to acquire 50% interest in the equity tranche of the latter’s Changsha ID Mall asset-backed securities scheme.
Also, under the deal, SCPG will operate and manage the development of the mall, which includes enhancing the operating capacity of the assets.
According to CITIC Capital, the mall, the city's first large-scale integrated shopping mall, has a gross floor area of over 120,000 square metres.
Since acquiring the establishment in 2010, CITIC Capital, which is also an asset management operator in China, improved the mall’s efficiency, that led to the Changsha mall becoming a commercial project in Changsha’s Wuyi business district.
With the acquisition, SCPG will further establish its presence in the Changsha market and promote the renewal of Changsha mall through its expertise in operating shopping malls.