CRCT REIT completes acquisition of Xizhimen Shopping Mall

CapitaRetail China Trust Real Estate Investment Trust [CRCT REIT] completed its first acquisition of Xizhimen Shopping Mall in Beijing. The Xizhimen Mall is part of the Beijing Xihuan Plaza complex, which also includes three office towers. The total acquisition cost was US$240 million, which was funded through the offer and placement of new units in CRCT REIT under an equity fund raising of US$132 million, bank borrowings and CRCT REIT's internal cash balances. Paul Hastings, Janofsky & Walker advised on the deal, while Allen and Gledhill acted as Singapore counsel to CRCT. Commerce & Finance Law Offices acted as PRC counsel to CRCT, and Wong Partnership acted as Singapore counsel to the underwriters (JP Morgan, Citi, and DBS) and for the equity fund raising.