CapitaMalls Asia has acquired Grand Canyon Mall in Beijing from Capital Airport Real Estate Group for 1.74 billion yuan (around US$284 million).
Grand Canyon Mall is strategically located on the South Third Ring West Rd in Beijing’s Fengtai District, which has a population of about 2.2 million.
Open since August 2010, Grand Canyon Mall is easily accessible by public transport and is a five-minute walk from the Majiapu subway station on Line 4, the main subway line linking Beijing’s northern and southern areas.
Currently in its third year of operations, Grand Canyon Mall has established its presence among retailers and shoppers, and enjoys an average monthly footfall of more than 1 million.
Positioned as a one-stop shopping mall catering to necessity shopping needs, it is the leading mall in the area, which is populated with traditional departmental stores and hypermarkets.
The mall serves an immediate catchment of more than 55,000 residents and office workers within a 10-minute walking distance.
Grand Canyon Mall has a total gross floor area, excluding car park, of about 70,000 sqm, with 403 car park spaces. It is about 92.7 per cent occupied and houses popular international and local brands such as Carrefour, Poly Cinema, H&M, Gap, Sephora and Watsons.
Including Grand Canyon Mall, CapitaMalls Asia now has 61 shopping malls in China, 51 operational and 10 under development.