Category Archives: Investment 投资

CMT and CCT unitholders voted resoundingly in favour of the proposed merger of CMT and CCT

[ CICT = CMT + CCT ]

Merged entity (CICT) will be the largest S-REIT and one of the largest REITs in Asia Pacific with an asset base of S$22.4 billion

Singapore, 29 September 2020 – Unitholders of CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT) have voted resoundingly in favour of the proposed Merger of CMT and CCT to create a diversified commercial real estate investment trust (REIT), to be named “CapitaLand Integrated Commercial Trust” (CICT) following completion of the transaction. More than 3,000 unitholders voted by proxy at CMT’s Extraordinary General Meeting (EGM) and CCT’s EGM and Trust Scheme Meeting held via electronic means today.

All five resolutions at the three meetings were duly passed and well supported. At CMT’s EGM, approximately 98.89% of the total number of votes were in favour of the proposed Merger by way of the Trust Scheme; while approximately 98.88% of the total number of votes were in favour of the issuance of new CMT units as part of the Scheme Consideration for the Merger. Pyramex Investments Pte Ltd, Albert Complex Pte Ltd, Premier Healthcare Services International Pte Ltd, CapitaLand Mall Trust Management Limited and their associates abstained from voting on these resolutions. For purposes of good corporate governance, Mr Jason Leow, who is concurrently the President, CapitaLand Singapore & International of CapitaLand Group, and Mr Jonathan Yap, who is concurrently the President, CapitaLand Financial of CapitaLand Group and a director of CapitaLand Commercial Trust Management Limited, also abstained from voting on these resolutions.

At CCT’s Trust Scheme Meeting, the resolution on the Merger by way of the Trust Scheme received approximately 90.31% approval by headcount representing approximately 98.23% in value of the total number of CCT Units held by CCT Unitholders who voted. The CCT Manager, the CMT Manager’s concert parties, as well as the common substantial unitholders of CMT and CCT, abstained from voting on the Trust Scheme Resolution at CCT’s Trust Scheme Meeting.

The resolution on the CMT Trust Deed Amendments at CMT’s EGM and the resolution on the CCT Trust Deed Amendments at CCT’s EGM were approved with approximately 99.75% and approximately 96.04% of the total number of votes respectively.

Mr Tony Tan, CEO of CMT Manager, said: “We are heartened and humbled by the resounding support given by CMT Unitholders for the Merger. To receive a strong mandate amidst the uncertainties of COVID-19 to deliver the transformative merger is an honour and a responsibility we do not take lightly. Underpinned by leadership and resilience, the Merged Entity will be in a stronger position to seize the opportunities across retail, office and integrated developments in our focus market of Singapore. We remain firmly committed to delivering sustainable distributions and long-term returns for our unitholders, something we have been doing in CMT and will continue to do in CICT. We thank CMT Unitholders for your trust and support as we embark on this new journey as CICT.”

Mr Kevin Chee, CEO of CCT Manager, said: “We are encouraged by the decisive vote that CCT Unitholders have given for the Merger. The unwavering confidence and trust that CCT Unitholders have placed with us over the years and for this Merger is received with humility and gravity, and we are truly grateful. The Merger is an important milestone in our journey through evolving market trends and a changing real estate landscape to deliver sustainable returns to CCT Unitholders. The Merger with CapitaLand Mall Trust to form CapitaLand Integrated Commercial Trust will put us at the forefront to seize opportunities, create value and weather uncertainties and challenges. We remain resolute in our commitment to CCT Unitholders to deliver long-term sustainable returns through the new Merged Entity.”

CICT is expected to be one of the largest REITs in Asia Pacific and the largest REIT in Singapore by market capitalisation (S$12.7 billion) and total portfolio property value
(S$22.4 billion). It is also expected to be the largest proxy for Singapore commercial real estate with a diversified portfolio of 24 strategically-located and high-quality retail, office and integrated developments in Singapore and overseas.

Under the Trust Scheme, CMT will be acquiring all the units in CCT held by CCT Unitholders in exchange for a combination of new units in CMT and cash. The consideration for each CCT Unit under the Trust Scheme (Scheme Consideration) comprises 0.720 new CMT Units (Consideration Units) and S$0.2590 in cash (Cash Consideration).

Subject to obtaining the necessary approvals, the Merger is expected to become effective on Wednesday, 21 October 2020. CCT’s last day of trading is expected to be Friday, 16 October 2020.

 

Perennial-led Consortium to Divest 50% Stake in AXA Tower, Singapore to Alibaba Singapore at an Agreed Property Price of S$1.68 Billion

Forms new consortium with same investors, and jointly with Alibaba Singapore, redevelop AXA Tower

(Singapore, 6 May 2020)

Perennial Real Estate Holdings Limited (“Perennial”) has through Perennial Shenton Investors Pte. Ltd. (“PSIPL”), a Perennial-led entity comprising a consortium of investors, entered into a share purchase agreement (“SPA”) with a subsidiary (“Alibaba Singapore”) of Alibaba Group Holding Limited(“Alibaba”), a company listed on the New York Stock Exchange and the Hong Kong Exchanges and Clearing Limited, for the sale of a 50% stake (the“Sale Shares”) in Perennial Shenton Holding Pte. Ltd. (“PSHPL”) and the transfer of 50% of the shareholders’ loan outstanding (the “Loan”) to Alibaba Singapore based on an agreed property price of S$1.68 billion (the “Agreed Property Price”) (the “Sale”).

PSHPL indirectly owns AXA Tower, a 50-storey landmark Grade ‘A’ office development with a retail podium sited within Singapore’s Central Business District (“AXA Tower”). Perennial currently indirectly owns an effective 31.2% stake in AXA Tower.

Concurrently, Perennial has together with the same consortium of investors formed a new entity, PRE 13 Pte. Ltd. (“Perennial Newco”), and through PSIPL, transferred the remaining 50% equity stake (the “Balance Shares”) in PSHPL and 50% of the Loan Outstanding (the“Share Transfer”) to Perennial Newco. Perennial will indirectly own a 20% stake in Perennial Newco and an effective 10% stake in AXA Tower.

Upon completion of the Sale and the Share Transfer (together, the “Transaction”), which is expected to take place around June 2020, subject to the conditions precedent being satisfied, Perennial Newco and Alibaba Singapore will enter into a joint venture agreement for the redevelopment of AXA Tower.

Perennial’s share of the net proceeds following the Transaction is expected to be approximately S$196.4millionand its share of the divestment gain is approximately S$45million. The balance proceeds, after Perennial’s reinvestment into Perennial Newco, is expected to be approximately S$137.6 million.

AXA Tower currently has an existing gross floor area (“GFA”) of approximately 1.05 million square feet (“sq ft”). Based on Urban Redevelopment Authority’s Master Plan 2019, AXA Tower has already secured an approved uplift in its gross plot ratio which would increase the development’s existing GFA from approximately 1.05 million sq ft to approximately 1.24 million sq ft. Approval has also been obtained to further increase AXA Tower’s GFA to 1.55 million sq ft should it integrate hotel and residential usage under the CBD Incentive Scheme.

Mr Pua Seck Guan, Chief Executive Officer of Perennial, said, “The divestment of AXA Tower aligns with our capital recycling strategy to deliver a divestment gain, while retaining our involvement to create value via the redevelopment of the prime property which is strategically sited within the Greater Southern Waterfront with breathtaking sea views. Alibaba is already an anchor tenant at AXA Tower, and we are pleased to have their support in creating an iconic landmark in Singapore’s CBD.”

Brief Details on the Transaction

The consideration for the Sale Shares is based on the net asset value (“NAV”) of PSHPL as at closing, calculated based on the Agreed Property Price, and subject to certain adjustments for the NAV of PSHPL as at closing. The consideration for the Sale Shares was determined after arm’s length negotiations between PSIPL and Alibaba Singapore, taking into consideration the current market value of AXA Tower. The consideration for the Loan will be 50% of the principal outstanding under the Loan as at closing.

Within the prescribed period after the execution of the SPA, a deposit of S$16 million will be paid into an escrow account which will be retained by PSIPL on closing. The balance consideration for the Sale Shares and the Loan will be paid in cash, once such computation has been derived based on the agreed terms in the SPA. The completion of the Sale is subject to the satisfaction or waiver of the condition that Perennial Shenton Property Pte. Ltd. secure financing for a principalamount of not less than 65% of the Agreed Property Price and other customary conditions precedent.

The consideration for the Balance Shares is based on the NAV of PSHPL as at closing, calculated based on the Agreed Property Price, and subject to certain adjustments for the NAV of PSHPL as at closing. The consideration for the Balance Shares was determined after arm’s length negotiations between PSIPL and Perennial Newco taking into consideration the Agreed Property Price. The consideration for the Loan will be 50% of the principal outstanding under the Loan as at closing.

The proceeds received by PSIPL from the Sale and the Balance Shares will be upstreamedproportionately to Perennial and the consortium members in accordance with their shareholding in PSIPL. Perennial will then utilise a portion of such proceeds to reinvest in the Perennial Newco.

 

CRCT to acquire three CapitaLand malls in China


June. 11, Singapore

CapitaLand Retail China Trust Management Limited (CRCTML), the manager of CapitaLand Retail China Trust (CRCT), today announced that CRCT has entered into an agreement with a subsidiary and associated companies of CapitaLand Limited to acquire 100% interests in three companies that hold three malls in China –CapitaMall Xuefu and CapitaMall Aidemengdun in Harbin and CapitaMall Yuhuating in Changsha. The accretive acquisition will diversify CRCT’s footprint in China from eight cities to 10 and enable it to gain exposure to two rising provincial capital cities with strong economic fundamentals and long-term growth potential, namely Harbin in Heilongjiang Province, north China and Changsha in Hunan Province, central China.

The acquisition of the three companies is based on an agreed value of RMB2,960 million (about S$589.2 million) for the three malls held by the companies. CRCT’s total acquisition outlay is estimated at S$505.4 million, subject to post-completion adjustments. CRCT intends to finance the proposed acquisition via a combination of debt and equity with an objective to achieve accretion. The financing plan details will be decided at a later date. The transaction, which is conditional upon CRCT unitholders’ approval at an extraordinary general meeting, is expected to be completed in 3Q 2019.

With a total gross floor area (GFA) of 248,282 square metres (sq m), the three multitenanted malls with established anchor tenants and specialty retail mix will expand CRCT’s portfolio GFA by 30.7% and boost the number of leases in its portfolio by 52% – thereby enhancing CRCT’s portfolio diversification and creating new synergies among its multitenanted malls. At 99.0%, the occupancy of the three malls is well above the market average, reflecting their popularity with retailers and entrenched market leadership.

苏宁易购收购万达百货下属全部37家门店

2019年2月12日，苏宁易购董事长张近东在新春团拜会上宣布，苏宁易购正式收购万达百货有限公司下属全部37家百货门店，构建线上线下到店到手全场景的百货零售业态，为用户提供更丰富的数字化、场景化购物体验。

这是苏宁2019全场景零售布局的重要落子。苏宁一直致力于构建全场景智慧零售生态系统，实现从线上到线下，从城市到乡镇的全覆盖，为用户搭起随时可见、随时可触的智慧零售场景，满足在任何时间、任何地点、任何服务的需求。而此次收购万达百货，毫无疑问在快速锁定优质线下场景资源的同时，进一步推进商品供应链变革，更能够为上市公司带来收益增厚。公开资料显示，万达百货在全国的37家门店大都位于一、二线城市的CBD或市中心区域，会员数量超400万人。近两年，万达百货销售规模稳中有升，净利润水平持续提升。

苏宁的收购，将为万达百货注入全新的数字化变革。这家互联网巨头拥有强大的大数据、人工智能等技术手段，将会通过对百货行业的整体数字化改造，进一步提升服务体验。诚如苏宁易购董事长张近东说过的那样，“实体零售业的繁荣，绝不能再靠传统模式，需要运用互联网技术提升效率与体验，让用户感受到品质与快乐！”

对苏宁来说，此次收购万达百货，更是其全场景零售能力全面输出的最新案例。苏宁将通过输出智慧零售CPU能力，突破传统百货概念，从数字化和体验两方面改造供应链，打造全新的百货核心竞争力，补强百货这一重要拼图，进一步完善全场景、全品类布局。

同时，此次收购，也是苏宁业态融合创新的全新探索。过去数年，苏宁不断创新业态场景，打造全场景的零售生活方式体验，创新性的推出了“苏宁极物”、“苏鲜生”、“苏宁小店”、“苏宁零售云”等丰富业态，品类从家电、3C逐步拓展至超市快消、母婴、家居等领域。苏宁原有的丰富业态，以及背后强大的八大产业资源，都可以与百货进行模块化对接，交互创新，创造出更多更创新的前沿业态，为用户提供全方位的服务体验。

Link REIT Sells 12 Properties at HK$12.01 Billion Exceeding Appraised Value by approx. 32.1%

Link REIT (“Link”; Hong Kong stock code: 823), Asia’s largest real estate investment trust, today announced that on 12 December 2018, Link entered into agreements with a consortium led by Gaw Capital Partners to dispose of 12 properties, following a competitive sale process, for a total consideration of HK$12.01 billion (please refer to the list of properties at the end of the press release).

The consideration, the highest offered for the properties, represents approximately a 32.1% premium to the appraised value of the portfolio as of 30 September 2018 and a net disposal gain of about HK$2,787.6 million.

George Hongchoy, Chief Executive Officer of Link Asset Management Limited, the manager of Link REIT, said, “Despite recent market volatility, the property sale attracted overwhelming interest from leading international investors, including global and regional private equity funds, as well as local investors. The competitive bids and final sale price, at better pricing than those achieved in the past disposals, underline global investor confidence in Hong Kong’s economy and its real estate sector while further demonstrating Link’s ability in managing and enhancing assets.

“We are confident that with Gaw Capital Partners’ expertise and experience in asset management, they will continue to create value for stakeholders by further enhancing the operations of the disposed properties,” added Mr Hongchoy.

Following the disposal of the 12 properties and the acquisition of Beijing Jingtong Roosevelt Plaza as announced earlier on 26 Nov 2018, Link will have about 90.1% of its assets in Hong Kong and 9.9% in mainland China. Total portfolio value will amount to about HK$204 billion.

Proceeds of the sale will be used for new investment opportunities in Hong Kong and first-tier cities in mainland China, in addition to general working capital purposes including debt repayment and, where appropriate, unit buy-backs. Completion of the disposals will take place on 13 March 2019.

Link is one of the world’s largest retail-focused REITs and a constituent stock of the Hang Seng Index. It has a portfolio of about 9 million sq. ft. of retail space, around 61,000 carpark spaces and a Grade-A commercial tower with approximately 0.9 million sq. ft. under development in Hong Kong as of today. In mainland China, its portfolio includes nearly 4 million sq. ft. of retail and office space housed in four properties in Beijing, Shanghai and Guangzhou.

Link Asset Management intends to communicate with tenants, nearby residents and other stakeholders to keep them informed on matters relating to the transfer of ownership of the 12 properties, and the purchaser’s assumption of the obligations set out in the Hong Kong Housing Authority covenants.

HSBC and Cushman & Wakefield were the advisors for both the portfolio review and the disposal exercise.

The 12 properties sold, pending completion of the transaction on 13 March, 2019, are as follows:

Ap Lei Chau Property
Chun Shek Property
Fortune Property
King Lam Property
Lei Tung Property
Ming Tak Property
Shan King Property
Siu Hei Property
Tai Ping Property
Wah Ming Property
Wah Sum Property
Wang Tau Hom Property

印力联合万科和Triwater 收购中国的20家购物中心项目公司100%股权

 

2018年1月5日–中国领先的购物中心投资、开发与运营商印力商用置业有限公司（“印力”）今天宣布，联合万科企业股份有限公司（“万科”）、Triwater Asset Management Holdings Limited（“Triwater”），通过各自旗下全资子公司联合与凯德集团全资子公司凯德商用达成协议。根据协议，三方将联合收购凯德集团旗下全资子公司凯德商用在中国国内的20家购物中心项目公司的100%股权并承接相应的负债，交易对价为83.65亿人民币。上述股权交易的完成仍需取得中国政府相关部门的监管审批。

此次股权交易涉及的20家购物中心总建筑面积约为95万平方米，分布在中国华北、华东、华南和中西部区域的19个城市，且均位于所在城市的核心区域，有着稳健的经营效益和坚实的消费者基础。交易完成后，上述购物中心将全部交由印力运营管理，计划按照“印象”系列的品牌定位及标准进行提升。通过收购，印力得以进一步加速区域市场深度布局，丰富客户网络资源，推动存量资产优化策略，提升业务协同能力等。至此，印力在全国持有或管理的商业项目数量120家，管理面积1000万平方米，管理资产规模逾800亿人民币，遍布中国58个城市。

万科集团高级副总裁、印力董事长兼总裁丁力业先生表示，“伴随中国城镇化进程持续加快及人民对美好生活日益增长的需求，我们充分看好商业地产存量市场的价值空间。此次收购凯德成熟资产项目持有公司的股权，符合印力的发展战略。

首先，这批项目沉淀了优秀的商业管理人才，本次股权交易后，这批团队将会保留下来。吸纳这样一批专业团队，对印力的人才储备及未来发展具有重要意义。其次，这些购物中心位于印力六大城市公司管理半径内，有助于提升我们商业网络的广度及深度，下沉到核心区域市场及周边城市群，能更好发挥平台资源协同效应。再者，本次交易标的中的大部分项目都曾是我们与凯德共同选址开发的，均位于核心城市的成熟商圈，具有较大的客户价值优势，且印力对这些项目所在市场有深刻了解并长期关注，因此有信心为当地客户提供更丰富优质的服务体验。”

作为专注深耕于中国商业地产领域15年的本土企业，印力一直秉持稳健的资产投资策略。伴随着商业地产存量时代的到来，印力2014年开始采取自主开发与资产并购并存的成长路径，聚焦核心区域及周边城市群的深耕发展，盘活存量资产项目，助力城市更新升级。以近期重新开业的沈阳印象城为例，该项目原为运营超过十年的电器商城，印力经过一年左右的升级改造，根据当地消费特点引入体验式的业态品牌，改造后营业面积下降38%，但日均销售上升63%，日均客流上升129%，总租金提升74%。

2016年底，印力成为万科商业地产平台，成立六大城市商业公司，覆盖以广深、北京、上海、杭州、武汉、西安为核心区域的城市群，自身的商业资源、业务平台和开发管理能力得到进一步提升。凭借成熟的商业开发运营能力和一体化的商业地产全价值链模式，面对中国主流消费家庭，印力以“缔造欢购之城、开启乐享之旅”为使命，聚焦于打造“印象”系列的购物中心和社区商业产品，通过提供高品质、与时俱进的商业空间场景，满足日益增长的美好消费与休闲体验需求。

依托经验丰富的管理团队和优质的商业资源，印力努力成为最了解客户需求及与时俱进的商业地产平台。十九大报告中明确提出，要“完善促进消费的体制机制，增强消费对经济发展的基础性作用。”作为给大多数居民消费提供场所的商业地产，无疑也需要在服务创新、空间运用与数字化体验提升方面，进行更多的探索。2017年印力通过“数字印象”技术平台，在精准营销、智能服务、运营创新等方面，给客户带来更多可感知的个性化体验。

商业地产的发展将进入一个新时代。一方面，商业地产行业已进入存量竞争格局，面临着一轮新的改造升值机会，存量资产价值空间将被释放；另一方面，电商开始纷纷布局线下，未来是线上和线下融合的时代。“天网好搭，地网难建”，印力认为，相比线上平台，线下入口更具有稀缺性。

未来，印力将继续寻找更多的存量资产的并购机会，通过并购优质存量资产，获取线下流量资源；通过创造存量资产的增量价值，盘活社会配套资源，推动打造场景化的城市空间，不断优化客户体验。印力还将致力于成为中国领先的商业地产平台，持续为中国消费升级和商业创新发展贡献力量。

凯德出售20家中国购物中心至无关联第三方

2018年1月5日，凯德集团宣布通过旗下全资子公司凯德商用，与无关联第三方达成协议，向其出售在中国20家购物中心项目公司的100%股权及相应负债，交易价格为17.059亿新元（83.65亿人民币），预计于2018年第二季度完成交易。

此次股权交易涉及的20家购物中心，凯德通过旗下公司平均持有10年，项目平均建筑面积为4万多平方米（不包括停车场在内）。这些购物中心分布在19个城市，其中14个城市为凯德仅有单一项目布局的非核心城市。依据截止2017年6月30日的统计数据，此次出售项目分别占比集团在全球和中国的购物中心资产规模的4%和7%，对集团整体收入影响不大。

此次交易的战略意义重大，有利于优化凯德集团资产配置和集中资源，所获资金将用于在中国继续投资优质物业。进一步强化凯德集团在华五大核心城市群——北京、上海、广州、成都、武汉及周边城市的业务布局和规模优势。

凯德始终奉行积极的资产管理策略，出售成熟资产和收购成长性资产并举。2017年6月、11月和12月，凯德分别以26.4亿元人民币、33.607亿元人民币和8.38亿元人民币成功收购上海国正中心100%权益、广州乐峰广场持有公司的所有股权和上海五角场商办地块。

凯德集团首席运营官廖茸桐先生表示（他同时监管商用业务）：“中国作为凯德集团的核心市场之一，我们看好并将长期投资中国商业地产。在‘一带一路’和十九大‘新时代’战略的指引下，中国经济已由高速增长阶段转向高质量发展阶段，我们始终对中国市场有充分的信心，将持续为中国的消费升级和创新发展贡献力量。凯德已经建立了成熟的体系、平台、团队和品牌，发展阶段也从‘量’的扩张到‘质’的提升过渡。重新配置后的资产组合将为集团在华业务注入更多活力，更契合消费需求的迭代升级，凸显我们的核心优势。”

廖茸桐先生补充道:“这些购物中心凯德持有10年，很多都是当地首个购物中心。通过凯德的专业运营，发展为成熟物业，有着稳定的收益，带动了当地商业升级。现在中国中产阶级迅速扩大，全渠道零售迅猛发展。凯德将着重打造体量更大的精品项目，快速适应市场变化。同时，通过‘凯德星’数字化平台打造线上线下融合的多元场景体验，满足业务所在城市消费者持续增长的美好生活需求。”

凯德进入中国市场24年，在中国的总开发规模约2,200万平方米，管理的总资产超过2,000亿元人民币。见证并受益于中国的城市化进程，多年前即在核心城市部署了全产业链。

  • 2013年推出“综合体战略”，融合多元体验的综合体更符合市场需求，也更利于发挥集团全产业链优势和综合开发及运营管理能力。
  • 2017年，凯德在华新开业六大综合体，均位于五大核心城市群，包括上海的长宁来福士、杭州来福士、深圳来福士、武汉的凯德·西城、上海的凯德·星贸和苏州中心，平均零售面积达13万平方米以上，是凯德新开综合体最多的一年。
  • 今明两年还将迎来上海的凯德晶萃广场和重庆来福士的盛大亮相。

六大综合体的开业和收购乐峰广场将提升凯德在华购物中心今年的净物业收入，抵消此次出售带来的影响。这表明优化资产组合、聚焦核心城市将提升集团整体的盈利能力。

此次出售完成后，凯德在中国拥有/管理49家购物中心，其中约一半位于商业综合体内。通过对资产组合的优化，有利于进一步巩固集团在华的“综合体战略”和“核心城市群战略”，更好地释放全产业链价值，提升多元业务的协同和规模效应，为投资者、运营者、消费者等多方实现增值。

未来，凯德将继续通过资产收购和积极的资产管理，在核心城市群集中力量扩大影响力和辐射范围，保持并强化在北京、上海等核心市场上的领先优势，目前凯德在北京和上海分别拥有/管理8个商业地产项目。

CapitaLand and CRCT to jointly acquire 100% interest in company that owns Rock Square in Guangzhou for RMB3.3 billion

Singapore, 28 November 2017 – CapitaLand and CapitaLand Retail China Trust (CRCT) have formed a joint venture to acquire all the shares in a company that owns an operational shopping mall, currently known as Rock Square (乐峰广场), located in Haizhu District inGuangzhou. CRCT is the majority shareholder with a 51% stake in the joint venture, while CapitaLand owns the remaining 49%. This marks CapitaLand’s second mall and CRCT’s first in Guangzhou, the provincial capital of Guangdong Province in South China and one of four first-tier cities in China.

Total purchase consideration payable is about RMB3,360.7 million (about S$688.9 million)1,which includes but is not limited to the company’s interests in Rock Square with an agreed value of RMB3,340.7 million (about $684.8 million)2. The transaction is expected to be completed by 1Q 2018.

Rock Square is one of the largest malls in Haizhu District with a gross floor area (GFA) excluding car park of about 83,591 sq m. Surrounded by densely populated residential estates, the mall caters to about 800,000 residents from middle- and high-income households within a three-kilometre radius. The mall is directly connected to Shayuan metro station, which serves Line 8 that links Guangzhou’s eastern and western areas, and Guangfo Line that connects Guangzhou with Foshan. The planned extension of Line 8 and Guangfo Line by 2019 is expected to increase the mall’s population catchment.

Mr Jason Leow, CEO of CapitaLand Mall Asia, said: “China is an important core market to CapitaLand. We continue to invest in our China shopping mall business under our ‘core city clusters, dominant assets’ strategy, which focuses on strengthening our presence in five city clusters with quality assets that command a dominant market position. Given Rock Square’s significant scale and strategic location with excellent transport links, the acquisition presents a rare opportunity to increase our exposure to the high-growth retail market in a first-tier city. As an operational mall with upside potential, the acquisition will also help CapitaLand to increase our recurring income base as we continue to expand our business.”

Mr Leow added: “When completed, the acquisition will boost CapitaLand’s retail presence in Guangzhou, where we currently own and manage CapitaMall SKY+, which opened in 2015. By leveraging on our experienced team in Guangzhou to manage the new mall, we will be able to benefit from the network effect of an enlarged portfolio.”

Mr Tan Tze Wooi, CEO of CapitaLand Retail China Trust Management Limited, said: “The acquisition marks CRCT’s strategic entry into another first-tier city after Beijing and Shanghai. It represents a progression of our portfolio reconstitution strategy, whereby capital from the sale of CapitaMall Anzhen is recycled into a multi-tenanted mall with a longer balance tenure and stronger growth potential. The addition of Rock Square serves to diversify CRCT’s tenant base and improve the quality of earnings by increasing our exposure to more varied and higher-yielding trade categories. Post-completion, the accretive acquisition will boost CRCT’s portfolio size by about 28% to approximately RMB15.1 billion (about S$3.1 billion)3.”

Mr Tan added: “In view that leases accounting for over half of the mall’s total rent are up for renewal between 2018 and 2020, the timely acquisition will present us with a window of opportunity to achieve rental uplift through active tenant mix adjustments, unit reconfiguration and improvements to the layout. This is supported by the mall’s current mix of popular retailers, which serves as a strong base to attract more quality brands to enhance the overall shopping experience. Coupled with the cost synergies from working with our sponsor CapitaLand to manage the mall, we are confident of driving the growth of Rock Square and turning it into a significant contributor to our overall performance.”

Opened in 2013, Rock Square is a five-storey shopping mall with three levels above ground and two basement levels. Positioned as a modern and trendy retail destination offering a wide range of fashion, F&B, children-oriented and entertainment options, the mall houses well-known international brands such as AEON, UNIQLO, ZARA and Victoria’s Secret. As at June 2017, the mall was 96.4% committed.

The mall is located in Haizhu District, Guangzhou’s second most populous urban district that also ranks high in terms of disposable income per capita4. A popular residential area for Guangzhou’s new affluent class, Haizhu District is home to the Creative Industry Zone (where leading technology firms such as Tencent are based), the city’s landmark Canton Tower and top tertiary institution Sun Yat-sen University.

Guangzhou is the most populous city of Guangdong Province with a population of 14 million. It is an important communications and transportation hub in South China with a flourishing high-tech industry. In 2016, Guangzhou’s GDP grew 8.2% year-on-year, outpacing the national average of 6.7%. In the same period, both disposable income per capita rose and total retail sales rose by 9.0%. These positive indicators are expected to see further growth support, as Guangzhou transforms into a major commercial centre in South China with a fast-evolving retail scene and an increased emphasis on driving domestic consumption.

石基信息拟出售旗下石基零售38%股份于阿里巴巴关联公司

本次公司与关联公司签订的仅为框架性协议，现阶段尽职调查工作尚未完成，本次关联交易的最终实现具有一定的不确定性，有赖于交易各方相关正式协议的达成及正式协议中交易条件的满足。

2017年10月31日，北京中长石基信息技术股份有限公司（以下简称“公司”或“石基信息”）与Alibaba Investment Limited（以下简称“阿里投资”）签署《框架协议》，拟按照交易双方后续一致同意的详细重组计划将公司旗下主要从事规模化零售信息系统业务的控股或参股子公司北京长京益康信息科技有限公司（以下简称“长益科技”）、北京富基融通科技有限公司（以下简称“北京富基”）、科传计算机科技控股有限公司（以下简称“科传控股”）和上海时运信息技术有限公司（以下简称“上海时运”）的由公司直接或间接持有的股权整合在下属子公司Shiji Retail Information Technology Co. Ltd.（以下简称“石基零售”或“标的公司”）及其子公司之下（以尽职调查后的最终签署的正式协议为准），重组计划完成后，石基（香港）有限公司（以下简称“石基香港”）将其持有的石基零售38%的股权以不超过5亿美元的价格转让给阿里投资的关联方，具体作价在尽职调查及股权估值完成后参考尽职调查和股权估值结果由双方协商确定，并以届时签署的正式协议为准。

2015年12月18日，淘宝（中国）软件有限公司（以下简称“淘宝（中国）”）通过完成认购公司非公开发行股票46,476,251股成为持有公司13.07%股份的公司第二大股东，阿里投资与淘宝（中国）均受同一控制人Alibaba Group Holding Limited（以下简称“阿里集团”）控制，根据《深圳证券交易所股票上市规则》关于关联方及关联交易的有关规定，阿里投资为公司的关联法人，本次交易构成关联交易。

 

CapitaLand marks strategic collaboration with Alibaba Group with agreement to manage Alibaba’s Shanghai headquarters and launch of online mall on Lazada Singapore

Alliances underscore the Group’s omni-channel strategy to enhance O&O offerings of its real estate business

Singapore, 23 August 2017 – CapitaLand is advancing its omni-channel strategy by forging alliances with two leading e-commerce players in its core markets. In China, CapitaLand has inked an agreement to manage Alibaba Shanghai Center, the e-commerce conglomerate’s new Shanghai headquarters comprising four office towers and a retail podium. This marks the start of strategic collaboration between CapitaLand, one of Asia’s leading real estate companies; and Alibaba Group, Asia’s largest e-commerce company, to reinvent modern retail through the seamless integration of offline and online (O&O) channels.

In Singapore, CapitaLand has signed an agreement to launch an exclusive online mall on Lazada Singapore, which is part of Lazada Group, Southeast Asia’s largest e-commerce platform. The shop-in-shop on Lazada.SG will position CapitaLand as Singapore’s first omni-channel retail landlord that connects retailers to shoppers both offline and online, complemented by a unique in-mall collection service for shoppers.

Mr Lim Ming Yan, President & Group CEO of CapitaLand Limited, said: “Even as new technologies disrupt traditional business models, real estate remains an important part of a holistic customer journey, as affirmed by leading digital players who are seeking to gain a foothold in the physical space. CapitaLand is excited to collaborate with leading digital economy players like Alibaba and Lazada on this transformational journey and we look forward to creating win-win outcomes for all parties. We will continue to work with our business partners and forge new strategic alliances to future-enable our properties and support our retailers in embracing an omni-channel business model that meets the needs of consumers.

“The key to unlocking the next stage of growth lies in blending physical and digital channels to create a seamless O&O experience that is sought after by consumers. We will continue to leverage digital tools and partner disruptors to strengthen our customer engagement, embrace smart building technologies to uplift the quality of our built environment, and harness data to enhance customer experience at our properties. Neither an offline-only nor online-only business model will work; it is in the combination of O&O where long-term success can be found.”

Reinventing physical space to create new O&O experiences

Under the contract with Alibaba, CapitaLand will oversee the pre-opening and management of the shopping podium and one of the four office towers in Alibaba Shanghai Center, which has a total Gross Floor Area (GFA), excluding car park, of about 80,000 square metres (sqm). The four office towers occupy about 60,000 sq m, while the four-storey shopping podium – three levels above ground and one basement level – takes up about 20,000 sq m. Alibaba Shanghai Center is strategically located in the northern core of Shanghai’s Hongqiao Central Business District, less than two kilometres away from Hongqiao Transportation Hub. Slated to open next year, the retail component serves working professionals, and residents living in mid- and high-end housing zones in the vicinity.

Mr Jason Leow, CEO of CapitaLand Mall Asia, said: “CapitaLand is a firm advocate of retail innovation and we champion the reinvention of retail space to keep abreast of changing consumer habits. For example, we are taking the opportunity of redeveloping Funan in Singapore to leapfrog into the future and envision how a shopping mall of the future will look like. In Qingdao, China, we have launched the Group’s first smart mall, CapitaMall Xinduxin, which offers integrated O&O experiences through CapitaStar, the Group’s digital platform.
Now, we are pleased to partner e-commerce powerhouse Alibaba to jointly explore the possibilities in combining bricks with clicks – starting with Alibaba Shanghai Center – and creating new and exciting O&O experiences.”

Mr Wang Tao, Head of Intelligent Building at Alibaba Group, said: “Shanghai is one of the important platforms to Alibaba and our new headquarters here will serve as our strategic nerve centre for rolling out our New Retail strategy. We are delighted to partner with CapitaLand on this project, as they are a leading property developer and manager in Asia with industry-leading physical retail capabilities. We believe our collaboration will chart new frontiers in integrating online, offline, logistics and data across a single value chain to meet the needs of consumers. We look forward to deepening our collaboration with CapitaLand in the future.”

Connecting retailers to shoppers both offline and online

In line with Singapore’s Smart Nation push to reinvent retail, CapitaLand will launch a shopin-shop aggregating the offerings of retailers in its Singapore malls on Lazada.SG by the end of this year. To facilitate an O&O experience, shoppers who patronise the CapitaLand official store on Lazada.SG will have the option to collect their purchases in CapitaLand malls. In doing so, they will be rewarded with STAR$®, the membership points of the CapitaStar programme.

As a start, CapitaLand will roll out two unmanned click-and-collect lounges at Plaza Singapura and Bugis+ for shoppers to collect and return their parcels. In addition to
collection lockers, the lounges will feature fitting rooms and a product-testing bench to enhance the overall shopping experience.

Mr Leow said: “As more and more shoppers make purchases both offline and online, we recognise that omni-channel retailing is the way to go for our retailers to maximise their reach and market share. As the owner and manager of Singapore’s largest network of shopping malls, we have thus embarked on creating a digital channel that supports our mall tenants in tapping the growth potential of e-commerce. By leveraging our extensive physical network as a competitive advantage, shoppers will enjoy an additional option of collecting their online purchases in our malls. This unique feature will draw shoppers to our malls and reduce last-mile delivery costs for retailers in the long run.

“We are delighted to partner with Lazada to create an online option for our retailers. By combining our in-mall and digital marketing capability with Lazada’s online assets, our retailers will enjoy comprehensive marketing support in the physical and digital space and get a leg-up in their e-commerce operations.”

Mr Alexis Lanternier, CEO of Lazada Singapore, said: “Lazada entered Singapore just three years ago and today the country is one of our fastest-growing markets in Southeast Asia. Our collaboration with CapitaLand offers shoppers in Singapore the ease of accessing their favourite shops online and enjoying an integrated shopping experience. Shoppers not only have the option of click-and-collect but benefit from free delivery and have 14 days to return their products. This partnership is an important step for Lazada to expand our network of partners as we evolve the e-commerce ecosystem in Singapore.”

Both CapitaLand and Lazada will allocate resources to onboard retailers and promote the platform to shoppers, with the intention of rapidly scaling up the initiative in the next two years.