<article>CapitaLand Retail China Trust (CRCT) and CapitaLand have divested their combined 100 per cent stake in a company, which owns CapitaMall Wuhu, to an unrelated third party, it said in a statement last Friday.</article>

CapitaLand Retail China Trust (CRCT) and CapitaLand have divested their combined 100 per cent stake in a company, which owns CapitaMall Wuhu, to an unrelated third party, it said in a statement last Friday.
The deal is based on the company&#8217;s adjusted net asset value, including but not limited to its interest in CapitaMall Wuhu of 210 million yuan ($31.3 million).
The divestment of CapitaMall Wuhu is expected to optimise CRCT’s portfolio and enhance returns.
&#8220;The sale proceeds will provide CRCT with greater financial flexibility to take advantage of market opportunities. We remain on the lookout for strategic opportunities to reconstitute and strengthen our portfolio,&#8221; said CRCT Management Limited CEO Tan Tze Wooi.
Located in Wuhu city of China&#8217;s Anhui Province, CapitaMall Wuhu is a five-storey shopping mall with a gross floor area, excluding car park, of 45,000 sq m. The mall has been closed since the third quarter of 2018, following the exit of its anchor tenant.
&#8220;The sale of CapitaMall Wuhu will unlock capital that can be redeployed to core assets in cities where CapitaLand enjoys scale and competitive advantage. We will stay disciplined in our capital recycling efforts and continually review opportunities to optimise CapitaLand’s portfolio, which include divestment of assets that are non-core or have limited growth,&#8221; said CapitaLand Group president (China and investment management) Lucas Loh.
The deal is expected to be completed in the second half of this year. Following the divestment, CRCT&#8217;s portfolio will have 10 malls in seven Chinese cities, while CapitaLand&#8217;s retail network in China will comprise 51 malls in 21 cities.
Also read:
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/capitaland-first-close-china-fund-123283/">CapitaLand makes first close of debut China real estate debt fund at $556m</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/capitaland-reit-duo-office-tower-126153/">CapitaLand REIT said to pursue $1.1b Duo office and retail assets</a>

CapitaLand Retail China Trust and CapitaLand have divested their combined 100 per cent stake in a company, which owns CapitaMall Wuhu, to an unrelated third party.

CapitaLand, CRCT divest interest in Chinese mall venture for $31m

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

CapitaLand, CRCT divest interest in Chinese mall venture for $31m

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief