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Treasury China Trust buys mall

TREASURY China Trust, in which Treasury Holdings has a 30pc stake, has purchased a shopping mall in one of Shanghai's luxury shopping districts.

The company has signed a binding contact to purchase the Huai Hai Mall for RMB575m (€63m).

Huai Hai Mall is a four-level property, comprising one level of basement and three levels above ground, zoned for retail use with total gross floor area of 7,619.9sqm, said the company.

Richard David, chief executive of Treasury China Trust, said it reinforced the company's position as "one of the largest investors in China's commercial real-estate sector, with a major foothold in Shanghai''.

He added: "With this latest acquisition, our asset portfolio in Shanghai will be increased to four properties, totalling in excess of 330,000sqm of gross floor area under management."

The surrounding area is home to luxury brands including Gucci, Cartier and Tiffany.

Meanwhile, the company also announced plans to issue bonds into the market to part-pay for the acquisition. The convertible bonds will yield 16.75pc over a 3.5-year period.

Irish Independent