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CapitaLand Retail China Trust acquires Galleria Chengdu
Gearing ratio is estimated to rise to 37%.
The trustee of CapitaLand Retail China Trust (CRCT) has completed the acquisition of Galleria, Chengdu, China. OCBC Investment Research notes that the acquisition will enlarge CRCT’s portfolio size by about 14% to RMB 12,547m (S$2,550.3m).
Post-acquisition, CRCT’s gearing ratio is expected to increase to about 37%.
"We view the mall as a potential core asset, offering a steady contribution within the portfolio. Going forward, the focus will be on improving the F&B tenant mix and reaping cost savings from the property management, which is currently outsourced to a third party, said the brokerage firm.
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