Asia’s largest real estate trust buys Beijing shopping mall for US$369 million
- Beijing Jingtong Roosevelt Plaza in the Tongzhou district is Link Reit’s second acquisition in the Chinese capital
Link Reit, the largest real estate investment trust in Asia, on Monday announced that it had bought a mall in Beijing for 2.56 billion yuan (US$369 million).
The seven-storey Beijing Jingtong Roosevelt Plaza in the Tongzhou district is the company’s second acquisition in the Chinese capital and fourth in a tier one city on the mainland.
According to Link Reit’s stock exchange filing, the seller is ARA Asia Dragon Fund II.
Tongzhou district is the eastern gateway to the capital and has been positioned by the Beijing government as the city’s sub-centre where many public facilities are to be relocated from the city centre.
“The upcoming new residential developments around the property, coupled with Beijing government’s plan to relocate many municipal departments to the district, bode well for the demand for food and beverage, lifestyle, kids, education and entertainment services,” said George Hongchoy, chief executive officer of Link Asset Management, the manager of Link Reit.