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 中国零售业: 新加坡嘉德置地收购北京华联两个商场 |
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青青
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作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Business Times - 05 Jan 2005
CapitaLand buys 2 China malls
The $345m deal is its second in just over 2 weeks
By ANDREA TAN
CAPITALAND has made its second China buy in just over two weeks, acquiring two retail malls in Beijing for $345 million.
This will boost its China retail portfolio to $729 million, which the property giant plans to either spin off into a real estate investment trust (Reit) or securitise.
In the latest deal, CapitaLand is acquiring Anzhen Shopping Mall and Wangjing Shopping Mall from Beijing Hualian Group Investment Holding, one of China's largest retailers.
On Dec 23, CapitaLand said that it was forking out $196 million for a 51 per cent stake in six shopping malls in China with US retailer Wal-Mart Stores as the anchor tenant and Shenzhen International Trust & Investment Co (Szitic) as its partner.
CapitaLand CEO Liew Mun Leong said that the group may have a China retail Reit as soon as one to two years.
'(Whether it's) 1-2 years or 2-3 years depends on the size and how we want to parcel them. It's not a one-off programme,' Mr Liew said. 'We think the way we're going, it'll be sooner rather than later.'
CapitaLand also has first right of refusal to acquire six more retail malls, including two in Beijing from Beijing Hualian. The six occupy some 400,000 square metres of gross floor area and are worth about $700 million, according to CapitaLand Retail CEO Pua Seck Guan.
In the Szitic deal, CapitaLand has an option to acquire 14 more malls with Wal-Mart as the main tenant for between $40 million and $80 million each or up to $1.12 billion in all.
Beijing Hualian, which operates department stores and hypermarkets, will be the anchor tenant in the malls, taking up about 30-50 per cent of space. CapitaLand will also form a joint venture with Beijing Hualian to manage Wangjing Shopping Mall and any other malls it buys from the latter.
Anzhen Shopping Mall, which CapitaLand will acquire for $136 million, has an estimated property yield of 8 per cent and a gross lettable area of 43,400 sq m. Wangjing Shopping Mall has a guaranteed property yield of 8 per cent, but CapitaLand is aiming for 9 per cent on the completion of the mall in end-2005. CapitaLand will pay $209 million for Wangjing, which is near the Olympic Village.
Beijing Hualian has two listed subsidiaries - Beijing Hualian Department Store and Beijing Hualian Hypermarket - which have a combined market capitalisation of some 2.9 billion renminbi (S$576 million).
Analysts see CapitaLand's moves on the Chinese retail scene positively.
'Beijing is exciting for retail,' said Standard & Poor's analyst Lai Yeu Huan. 'It's up and coming in terms of income and growth, yet the retail scene is under-served. It's good for CapitaLand.'
UBS Investment Research director Charles Neo likened CapitaLand's latest buy to Australia's Westfield Holdings' strategy.
'Here's a quote from Westfield Holdings 2000 annual report, 'A shareholder who invested A$1,000 in 1960, had by June 30, 2000, an investment worth A$109 million',' he said.
'Arguably, the Westfield investment could match or even beat that of Berkshire Hathaway. With this deal, CapitaLand is emulating the data point that Westfield started in 1960, only at a much faster pace, especially now that the Australian model is like an open book.'
GK Goh Research analyst Tricia Song said: 'It's not as attractive as simply managing the malls and getting fee income, but it's still a positive move.'
作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 中国零售业: 新加坡嘉德置地收购北京华联两个商场 -- 青青 - (3529 Byte) 2005-1-05 周三, 08:55 (1923 reads)
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