InfraRed NF, the joint venture between InfraRed Capital Partners and Nan Fung, is pleased to announce the successful acquisition of the 36.7% remaining minority interest in Beijing’s EC Mall shopping centre. InfraRed NF, in joint venture with Metro Holdings of Singapore, now owns 100% of EC Mall.
EC Mall is located in ZhongGuanCun, Beijing’s centre of information technology and higher education and lies at the heart of a well-established retail destination which is served by underground access to the subway system. Designed by international architects Benoy, the mall targets upper-middle class white-collar consumers (an underserved consumer demographic in Beijing) and is anchored by high-profile tenants including Nike, H&M, ckJeans, Uniqlo, Sephora and Golden Jaguar (China’s most popular buffet-style restaurant).
EC Mall’s international look and feel and high-quality management standards have attracted a number of major brands away from competing schemes of lower specification. The mall has an annual footfall of in excess of eight million and an occupancy rate that is over 95%.
InfraRed NF first acquired a minority stake in the shopping centre in 2007. This was subsequently increased in 2009, with InfraRed NF also taking over the management of the mall. InfraRed NF is currently marketing EC Mall for disposal.