CapitaLand C-Reit gets nod to raise $377 million in Shanghai listing
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CapitaLand Commercial C-Reit’s initial portfolio will comprise two malls – CapitaMall Yuhuating in Changsha (above) and CapitaMall SKY+ in Guangzhou.
PHOTO: CAPITALAND INVESTMENT
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Bengaluru – CapitaLand Commercial C-Reit (CLCR) plans to raise 2.1 billion yuan (S$377 million) by issuing 400 million units as part of its upcoming listing on the Shanghai Stock Exchange, its parent CapitaLand Investment (CLI) said on Aug 27.
The listing has received regulatory approval from the China Securities Regulatory Commission, marking a significant step in CLI’s expansion into Chinese capital markets.
The move is in line with the parent company’s domestic-for-domestic fund strategy, which aims to leverage onshore capital to expand its funds under management and boost recurring fee income, it said.
Upon completion, CLCR will become its parent’s eighth listed fund, further solidifying its leadership position as Asia-Pacific’s largest Reit manager by market capitalisation.
Expected by the fourth quarter of 2025, the listing will also make CLCR China’s first internationally sponsored retail real estate investment trust (Reit).
CLCR will invest in operating retail assets in China, benefiting from the country’s policies to stimulate domestic consumption.
Two properties will make up the initial portfolio – CapitaMall SKY+ in Guangzhou and CapitaMall Yuhuating in Changsha. The two have a combined floor space of 168,405 sq m and an overall occupancy rate of 96 per cent as at March 31.
Both properties are in the CapitaLand Group’s portfolio.
Together, CLI, CapitaLand China Trust and CapitaLand Development will hold at least 20 per cent of CLCR. REUTERS
