ARA Asset Management has acquired a Shanghai mall for RMB2.42 billion (US$345.2 million) in partnership with Singapore-based Straits Trading and China’s ICBC International.

Pudong’s Sanlin InCity is currently 91.3-per-cent occupied and is seeking to upgrade the tenant profile and capitalise on positive rental reversions as a consequence of the investments.

“We have studied the property and are ready to execute our asset enhancement and repositioning plans upon completion of the deal,” ARA Private Funds acting CEO David Kim told IPE Real Assets.

It is the firm’s second acquisition this year after purchasing The Atrium in Chengdu last June.

ARA’s portfolio in Mainland China includes 10 assets in the office, retail and hospitality sectors.