[photopress:Renhe_Spring_Department_Store.jpg,full,alignright]Macquarie MEAG Prime (MMP) REIT has purchased a 9,000 square-meter retail mall in Chengdu, Sichuan province, for US$19.8 million. The acquisition of Renhe Spring Department Store is the REIT’s first acquisition in China.
Renhe Spring Group Chairman, Chen Liren, is a major developer and operator of prime retail and residential property in Sichuan. Singapore-based MMP REIT has also been granted first right of refusal to Chen’s future developments in China, which includes two retail properties in Chengdu covering more than 90,000 square meters.
MMP REIT said the deal is a solid platform ‘on which to build a critical mass of prime retail properties in China’.
Source: Channel NewsAsia and WATAsia Research