11 May 2017
Link Asset Management Limited, the manager of Link Real Estate Investment Trust (“Link REIT”, Hong Kong stock code: 823), today announced that the acquisition of Metropolitan Plaza - 8 Huangsha Road in Guangzhou (the “Property”) was completed, marking a significant addition to Link REIT’s portfolio of premium-grade investment assets in Mainland China’s first-tier cities.
George Hongchoy, Chief Executive Officer of Link Asset Management Limited, said, “We are delighted to have acquired our first Guangzhou property, which along with the EC Mall in Beijing and Link Square in Shanghai, further strengthens our presence in China. We believe this is a quality property with excellent growth prospects and we are confident that we can extract its full potential with asset enhancement and operational improvement plans."
Link REIT intends to hold the property, acquired for RMB 4,065 million, as a long-term investment. Metropolitan Plaza - 8 Huangsha Road is strategically located atop the intersection of Guangzhou Metro Line 1 and Line 6, two of the busiest metro lines in Guangzhou, and it has a total gross floor area of approximately 88,726 square metres, including shopping facilities from basement level one to the third floor. As at 28 February 2017, its retail occupancy stood at 94.1% with 219 tenancies, including major international brands offering visitors a unique shopping experience. With the completion of the transaction, the Property is contributing immediately to Link REIT’s earnings.