SINGAPORE (Oct 12): The manager of CapitaLand China Trust (CLCT) is planning to acquire four assets in China worth close to S$298 million (RM915 million), reported Business Times Singapore.
The report, citing an announcement made by chief executive officer of CLCT's manager Tan Tze Wooi, said the acquisition plan will enable CLCT to venture into the “resilient” logistics sector to increase the real estate investment trust (REIT)'s exposure into new economy assets.
The four logistics assets are located in Shanghai, Kunshan, Wuhan and Chengdu. These properties have a total gross floor area of 265,259 sq m and occupancy rates of above 96%.
The new addition of these assets has pushed up the REIT’s new economy assets to 21.4%, from 15.3% previously.
Earlier in the first half of 2021, CLCT completed the acquisition of five business park properties in Suzhou, Xi-an and Hangzhou.
Formerly known as CapitaLand Retail China Trust, the REIT in September last year expanded its investment mandate beyond the retail sector, said the report.
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