Hong Kong’s Link Reit has acquired Happy Valley Shopping Mall in Guangzhou, marking its sixth retail property investment in Mainland China and its third in the Greater Bay Area.
The acquisition, which is worth US$500 million, includes 100 per cent interest in the shopping mall and its related loans. The deal is expected to be completed this month.
According to CEO of Link, George Hongchoy, Happy Valley Shopping Mall will benefit further from the influx of office workers and residents as it is located in a prime location between the CDB of Zhujiang New Town and Guangzhou International Financial Town.
“The acquisition aligns with Link’s business strategy of portfolio diversification for long-term stable return,” said Hongchoy. “It is part of our pursuit of a yield accretive strategy through adding quality income-producing properties with capital appreciation potential in Tier-1 cities in China.”
Happy Valley Shopping Mall spans eight stories with approximately 90,113sqm retail area. As of May 24, the mall had an occupancy rate of 70.3 per cent with 198 tenancies.