Developer SingHaiyi Group to buy stake in major shopping mall in Ohio

Singapore-listed developer SingHaiyi Group is buying a 65 per cent stake in a major shopping mall in Cincinnati, Ohio in the United States.

The Tri-County Mall is a two-storey building with gross retail space of 1.26 million sq ft, said SingHaiyi in a statement.

SingHaiyi, which is listed on the Singapore Exchange's Catalist board, is buying the stake from American Pacific International Capital (APIC), a private investment firm owned by the controlling shareholders of SingHaiyi.

SingHaiyi will transfer US$29.3 million to APIC as a deposit for the stake, the company said.

APIC had bought the mall on July 19 this year via a court-ordered auction, with a winning bid of US$45 million.

SingHaiyi's non-executive chairman, Mr Neil Bush said: "Having secured shareholders' approval to execute our strategy to expand our real estate investment activities beyond Singapore, we have wasted little time in seeking out exceptional deals which can enhance shareholder value."