ARA in JV with Straits Real Estate, ICBC to acquire Shanghai mall

Real estate fund manager ARA Asset Management is teaming up with Straits Real Estate and ICBC International Holdings to acquire Sanlin InCity, a retail mall in Shanghai, China, according to an announcement.

Details of the transaction were not disclosed.

Located in the Sanlin District of Pudong, Sanlin InCity is the only competitive mall in the area, with a strong population catchment of over 400,000 and no new supply within a 3-km radius projected within the next three years, ARA said.

The mall also attracts a stable consumer base thanks to primarily middle to high-income families in the neighbourhood and a large catchment of office workers from the nearby Qiantan Financial District.

Sanlin InCity comprises about 83,074 sq m of gross floor area and is currently 91.3 per cent occupied. It was refurbished in the fourth quarter of 2018, and nears the end of its first lease cycle.

“The mall presents an attractive opportunity for a seasoned operator to upgrade the tenant profile and capitalise on positive rental reversions, as well as implement asset enhancement/repositioning plans,” ARA said.

ARA Private Funds acting CEO David Kim said the firm will execute asset enhancement and repositioning plans to the property as the purchase is completed. The deal is expected to finalise in the first quarter of 2020.

The proposed acquisition is the second transaction in China by the fund manager this year, following its joint acquisition of The Atrium in Chengdu in June with China International Capital Corporation’s Qihang Fund.

ARA’s portfolio in mainland China included 10 assets in the office, retail and hospitality sectors totalling approximately 76.7 billion yuan ($11 billion) as at the end of September 2019.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.