CapitaLand China Trust sells CapitaMall Yuhuating to CapitaLand Commercial C-REIT

CLCT will use part of the proceeds to subscribe to 5% of CLCR’s IPO units.

CapitaLand China Trust (CLCT) plans to sell its 100% stake in CapitaMall Yuhuating in Changsha to CapitaLand Commercial C-REIT (CLCR) for no less than $134.9m.

CLCT will use part of the proceeds to subscribe to 5% of CLCR’s IPO units, worth around $20.7m.

CLCR, which will be the first retail C-REIT in China sponsored by an international and Singapore-based firm, will also include CapitaMall SKY+ in Guangzhou in its initial portfolio.

The move allows CLCT to recycle capital from a mature asset, reduce its debt, and gain exposure to China’s onshore REIT market.

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