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.