CapitaLand Buys Chinese Logistics Centers for $261mn

CapitaLand China Trust (CLCT) is set to buy four logistics centers in China for RMB 1.68bn ($261mn). The centers in Shanghai, Kunshan, Wuhan and Chengdu will be the company’s first foray into China’s logistics sector as per the company. This investment comes after the company acquired a portfolio of five business parks earlier this year. CLCT also owns 11 shopping malls in 10 cities in China. With the latest transaction, CLCT’s new-economy assets (business parks, logistics and data centers) will rise to 21.4% of its overall portfolio and increase its assets under management to RMB 22.5bn ($3.5bn). CLCT plans to achieve a portfolio mix of 40% in commercial developments, 30% in retail properties and 30% in new-economy assets by 2026.

CapitaLand Retail China Trust’s SGD 3.375% Perps traded 0.1 points higher this week to 98.25, yielding 3.85% currently.

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